EPS Pension Calculation Formula: Employees’ Provident Fund Org.zation has extended the deadline for applying for higher pension till July 11, 2023! EPF customers who have not applied to increase their pension under the Employees’ Pension Scheme! They get it done! Application Process ASAP! EPFO has already extended the deadline for applying for higher pension three times. And no further extension can be allowed.

EPS Pension Calculation Formula

EPS Pension Calculation Formula

Employees’ Provident Fund Org.zation’s customers are entitled to pension at the time of their retirement! At present, both the employee and the employer contribute 12 per cent to the EPFO ​​account of the employees every month. 8.33 percent of the employer’s contribution goes to the EPS (Employees’ Pension Scheme). And the remaining 3.67 percent goes to EPF!

Employees’ Provident Fund Org.zation

Before 2014, the employees had the option to opt for higher EPS (Employees’ Pension Scheme), but in 2014, An amendment capped the EPFO ​​(Employees’ Provident Fund Org.sation) contribution at 8.33 per cent. Means no employee can contribute more than Rs 15,000 every month for his pension scheme! Even if he gets paid more!

Employees’ Pension Scheme

EPFO (Employees’ Provident Fund Org.sation) has recently released a calculator for higher pension on its member service portal. Employees who want to apply for higher pension! They can estimate their EPS (Employees’ Pension Scheme) pension amount by using this calculator!

What is EPF Higher Pension

The government-backed scheme gives EPFO ​​(Employees’ Provident Fund Org.sation) members an option to contribute an additional amount to their pension fund. By opting for EPF High Pension Scheme, members can increase their monthly pension amount over and above the regular pension provided by EPS (Employees’ Pension Scheme).

Employees’ Provident Fund Org.zation

Done by EPFO ​​(Employees’ Provident Fund Org.sation) member! The excess contribution is invested in a separate pension fund. On which interest is earned over time! As a result, more accumulated EPS (Employees’ Pension Scheme) pension amount is received! Due to which more monthly pension is paid during retirement.

How To Apply EPS Pension Scheme

To join the EPFO ​​(Employees’ Provident Fund Org.sation) High Pension Scheme, members have to fill a form. And the necessary documents have to be submitted! Employees can apply jointly with their employer. And they have to submit a declaration along with other details. Applications can be submitted to EPFO ​​field offices. Applications are subject to verification! And EPS (Employees’ Pension Scheme) higher pension will be allowed only after approval by EPFO ​​officials!

EPS Pension Calculation Formula

According to the EPFO ​​(Employees’ Provident Fund Org.zation) formula, higher pension is calculated on the basis of pensionable salary and pensionable service period. Pensionable salary is the average of the basic salary of 5 years before the date of retirement. Whereas pensionable service period refers to the number of years for which contribution is made by an employee to EPF and EPS (Employees’ Pension Scheme).

  • The formula to calculate the higher pension is multiplying the pensionable salary by the pensionable years and dividing it by 70.
  • [सूत्र: (पेंशन योग्य सेवा अवधि × पेंशन योग्य वेतन)/ 70)] ,
  • This is important to note! That the EPS (Employees’ Pension Scheme) pension amount is subject to the maximum monthly limit set by the government!

EPS Pension Calculation Formula

To be eligible for EPS (Employees’ Pension Scheme) pension, a person must be a member of the EPF scheme. And must have completed at least 10 years of eligible service. However, there are some exceptions and provisions for early pension in specific circumstances. In this way, if any person applies for the pension scheme! So this eligibility of EPFO ​​(Employees’ Provident Fund Org.sation) applies to him!

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