EPFO Pension Calculator: Employees’ Provident Fund Org.zation has released EPF calculator for employees applying for higher pension under EPS. With the help of this they can easily calculate how much more money they have to deposit to get more Pension Fund.
EPFO Pension Calculator
Let us tell you, ever since the Employees’ Provident Fund Org.zation has sought applications for more pension. Since then there was a dilemma among the employees as to how much amount they would have to deposit in addition to their contribution towards the higher pension fund.
EPFO Pension Calculator: How EPFO pension is calculated
To use this calculator, the employee must know the date of joining EPF. After this, the employee will have to write the amount of salary. Ever since he is associated with this Employees Pension Scheme. If you had joined Employees’ Provident Fund Org.zation before November 1995, then you have to write salary for November 1995 and onwards.
In the notification issued by the government on May 3, 2023, it was said that an additional contribution of 1.16 per cent will be taken from the employer’s share for the Higher Pension Fund. According to the EPF law, the employer and the employee have to contribute 12-12 per cent of the salary in the EPF account. 12 percent of the employee’s share goes to the EPF account. Out of the employer’s share of 12 per cent, 8.33 per cent goes to the Employees Pension Scheme account (subject to salary ceiling) and the remaining 3.67 per cent goes to the EPF account.
This is how pension will be calculated
Now EPFO has explained this in detail. The Employees’ Provident Fund Org.zation has said that for those who will retire before September 1, 2014, the pension will be calculated up to 12 months before the date of retirement or the date of exit from the Pension Fund. be made on the basis of average monthly salary of Rs. On the other hand, for those who will retire after this date, the calculation will be done on the basis of average monthly salary of 60 months before retirement.
only so many days left
The deadline for opting for a higher Pension Fund was ending on May 03. Employees Pension Scheme had extended it till 26 June 2023. Its deadline was extended for the second time. Employees’ Provident Fund Org.zation was the first Supreme Court in its order given on November 4, 2022, had fixed the deadline till March 3 in this regard. The EPFO had then extended the deadline till May 3 to opt for the higher pension. Now its deadline is ending on 26 June.
EPFO Pension Calculator: From here money will go to pension fund
The Ministry had told that along with the Employees’ Provident Fund Org.zation and Other Provisions Act, it has been told in the Social Security Code that contribution cannot be taken from the employees for the Pension Fund. Keeping this in mind, it has been decided that out of the 12 per cent contribution of employers to the Pension Fund, an additional 1.16 per cent will be taken, which is going to the Provident Fund.
Why you should not withdraw your EPF
Wealth planners say that you should never withdraw your EPF money while changing jobs. When you change jobs, it is advisable to transfer your EPF as well as Employees Pension Scheme money.
An Employees Pension Scheme member becomes eligible for Pension Fund after completion of 10 years of contribution to his account and attaining the retirement age of 58 years. If a person retires before completing the age of 58 years but has contributed for 10 years then he will also be eligible for pension under the Employees’ Provident Fund Org.sation.
Learn here also: Yes Bank Fixed Deposit: Big news on FD, Yes Bank made this big change
The post EPFO Pension Calculator: EPFO has told the formula, this is how more pension will be calculated appeared first on SRB Post.