EPFO Pension Check: For all EPF customers of Employees’ Provident Fund Org.zation! In this, people working under the org.zed sector get pension after the age of 58 years. It is mandatory for the employee to have at least 10 years of service. The employee contributes 12% of his salary to EPF and the employer also contributes the same. EPFO (EPFO) But, a part of the employer’s contribution is deposited in EPS.

EPFO Pension Check

EPFO Pension Check

According to the existing rules of the Employees’ Provident Fund Org.zation, the employee deposits 12 percent of his salary (Basic Salary + DA) every month in the Pension (Pension) EPF account! At the same time, the employer also puts the same amount in your provident fund account. However, the employer’s contribution is 3.67 per cent in EPF and 8.33 per cent in EPFO. But, there is a limit of Rs 1,250 per month! Actually, 8.33% contribution to EPS is calculated at Rs 15000 (Basic + DA)!

Limit of 15 thousand rupees on Employees’ Provident Fund Org.zation pension

According to the current system of EPFO, if an employee is working anywhere from January 1, 2022 and wants to take pension after completing 15 years of service, then his pension was calculated at Rs 15,000 only. ! Even if the basic salary of the employee is 20 thousand rupees or 30 thousand rupees! According to the EPF formula, the employee will get a pension of about Rs 3000 from January 2, 2037, on completion of 15 years! The formula for calculating pension is-(service history x 15,000/70)! But, if the limit of pension is over, then the pension of the same employee will increase.

EPF Example No. 1

EPFO (EPFO) Suppose the salary (Basic Salary + DA) of an employee is 20 thousand rupees! Calculating from the pension formula, his pension will be Rs 4000 (20,000X14)/70 = Rs 4000! Similarly, the higher the salary, the more he will get the benefit of pension from EPF! There can be a jump of 300 percent in the pension of such people.

EPFO Example No. 2

Suppose an employee has a job of 33 years! His last basic salary is 50 thousand rupees. Under the existing system, pension was calculated only on a maximum salary of Rs 15,000. In this way (Formula: 33 years + 2 = 35/70×15,000) the pension would have been Rs 7,500 only! EPFO (EPFO) This is the maximum pension in the current system! But, if the pension limit is removed and EPF pension is added according to the last salary, then they will get a pension of Rs 25,000 thousand! ie (33 years+2= 35/70×50,000= Rs 25000).

EPFO Pension Check: 333% more profit will be available

Explain that according to the rules of EPFO, if an employee contributes to EPF continuously while working for 20 years or more, then two more years are added to his service period. Thus he completed 33 years of service, but the pension was calculated for 35 years! In such a situation, there will be a big jump in the pension of that employee up to 333 percent.

How EPFO ​​calculates service history

EPFO counts the years from the day you join the EPF scheme. However, it is not necessary that the service history should be continuous. Me.ng if you joined the EPF scheme in 2010 while working in a company! Changed job after working here for 3 years (2013) But the benefit of EPF is not available in another company, because that company does not come under the purview of Employees’ Provident Fund Org.zation!

LIC’s Pension Scheme: LIC is offering pension plan, you can get 25,000 pension by investing Rs 72 daily

APY Pension Scheme: Rs 60,000 pension by investing Rs 210 every month, know the scheme

90,000 interest will be available for depositing 2 lakh in the post office, know the details

The post EPFO ​​Pension Check: No Rs 7500, 33 years + 2 = 35/70×50,000 = Rs 25000 pension appeared first on SRB Post.