New Delhi. Employees Provident Fund Org.zation (EPFO) is running provident fund scheme to continue income even after retirement.
In this scheme, the investor deposits a fixed amount from his salary in the PF account every month. The company also contributes the same amount as the employee contributes to the PF account.
Of the contributions being made by the company, 3.67% goes to the Employees’ Provident Fund (EPF) and 8.33% to the Employees’ Pension Scheme (EPS). Investors in PPF get the benefit of EDLI (Employee Deposit Linked Insurance).
If the PF member dies untimely, the nominee of the PF account gets an insurance of up to Rs 7 lakh. If you also invest in PF account, then let us know how much pension you will get.
How much pension will you get?
EPFO investors get the facility to calculate pension and EDLI benefits, in this they can know how much pension and how much EDLI benefit they will get on the total investment made by them.
For this, investors get the facility of pension calculator on the official website of EPFO. In this, you can check how much monthly pension you will get after maturity by giving information about your job and income.
How to Calculate Pension (Pension Calculator)
- You have to open the pension calculator page.
- After this enter your date of birth (DOB) and fill all other information like joining, leaving the job.
- Now you have to click on Show/Update Details.
- Now your completion date of 58 years, age of 50 years for early pension and pension commencement date will be calculated and shown on the screen.
- If you wish, you can avail pension even after the age of 50 years. However, the pension amount is reduced in early pension. And after turning 58 you will get full pension.
- You enter pension start date and pension salary in the pension calculator and click on show/update details. After this the monthly pension amount will appear on the screen.
How does the EDLI calculator work?
- You have to visit the official website of EPFO and log in to your PF account.
- Now select EDLI and Pension Calculator in the Services tab on the dashboard.
- After this a new page will open in front of you. In these options you have to select EDLI Benefit Calculator.
- In the EDLI benefit calculator you have to enter the date of death of the EPFO member, average progressive balance and other information and click on Show Updated Calculation.
- Now the lump sum amount of EDLI benefit will be shown on the screen.
These are important things
- Let us tell you that it is not necessary that the amount shown to you in the pension calculator is absolutely correct.
- If the PF member dies in April, 2022, the progressive balance will be calculated for (April 2021- March 2022).
- Progressive balance is the sum of PF balance and pension contributions of the last 12 months. You can check progressive balance in EPF passbook.
- Only retirement pension and early pension are shown in the pension calculator.
