EPFO Pension: Do you know that if you have worked in a company for 10 years, you will get pension after retirement. Under EPFO’s EPS pension, a fixed amount will be sent directly to your account every month. Let’s understand its calculation.
EPFO Pension: If you are worried about the pension expenses after retirement, and you are thinking about how to survive at the age of 60, then this news is for you. Do you know that if you have worked in a company for even 10 years, then you will get pension from there after retirement. Here we are talking about EPS pension run by EPFO, under which you will get a fixed pension monthly. Let us know the complete details of this scheme. Let us understand when you will get pension through this scheme, how much you will get and what is its eligibility.
Employee Pension Scheme (EPS)
The Employees’ Pension Scheme was launched by EPFO on 16 November 1995, under which a plan was made to provide monthly pension to employees working in the organized sector. Under this scheme, pension is decided according to the number of days the employee works. Let us understand that if you have worked in a company for 10 years and your PF is deposited there, then how much monthly pension will you get.
Eligibility for EPS
You will get the benefit of EPS i.e. Employee Pension Scheme only if you have worked in at least an organized sector and under this scheme you will get a monthly pension of at least Rs 1000. However, the demand for giving the minimum pension amount of Rs 7,500 per month has been going on for a long time. Apart from this, the benefit of this scheme will be available only after the age of 58 years and the most important thing is that the employee should have a PF account in which he has deposited money during the job.
EPF members contribute 12% of their basic salary to PF through EPFO, the company also deposits the same amount. At the same time, the amount deposited by the company is divided into two parts, in which 8.33 percent goes to EPS and 3.67 percent goes to PF.
You will get this much pension
Under EPS, the pension of the employees is decided on the basis of the time worked and their salary. Here we will tell you the calculation of pension of an employee who has worked for 10 years and whose monthly salary is Rs 15 thousand.
Monthly Pension= (Pensionable Salary X Pensionable Service)/ 70
Pensionable salary = Average of your last 60 months’ salary
The employee’s pension is decided through this formula. Let us now understand this through an example.
If you have worked in a company for 10 years and your pensionable salary is Rs 15,000, you will get a monthly salary of Rs 2,143, which will start from the age of 58.
Most Read Articles:
- iPhone 16 Pro Price Cut: Golden opportunity to buy iPhone 16 Pro for ₹72,610, Flipkart is offering bumper discount
- DoT New Order: Good news! DoT orders telecom companies to implement caller ID feature, Fake calls will not bother you anymore
- Credit Card Link UPI: Link your credit card to UPI from home, know step-by-step guide
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
