EPFO Pension 2025 : Know How Much Pension You’ll Get After Retirement? Employed people are always worried about their future. How will they spend their life after retirement, this question remains in their mind. If you do a job and deposit money in PF, then after your retirement you also become entitled to get pension. How much EPFO pension will you get and how it is calculated, we will tell you all this in today’s story…
EPFO Pension 2025 : Know How Much Pension You’ll Get After Retirement?
How and how much EPFO pension can you avail after retirement, let us understand it in a simple way. If a person working in a private sector or government department invests the money received from his PF fund and gratuity amount before retirement, then he will continue to get the benefit of pension every month for life.
If you do a job and you have a PF account, then this question must have come to your mind that how much pension will you get after retirement. If you work till the age of 60, then it is important to know what are the rules ofEmployees’ Provident Fund Organization i.e. EPFO. Also, how is pension calculated in Employee Pension Scheme (EPS).
You work in the private sector and deposit 12% of your salary in your PF account. If your company also deposits the same amount, then 8.33% of it is deposited in the pension fund and the remaining 3.67% is deposited in PF.
EPFO Pension Rules
- According to EPFO, if you have deposited money in the PF account for 10 years, then you become entitled to pension.
- At the age of 50, you can claim for pension, but 4% will be deducted every year.
- If you claim for pension at the age of 58, you will get full pension.
- If you postpone till 60 years, then there will be an increase of 4% every year i.e. at the age of 60, you will get 8% more pension.
Pension calculation formula…
Monthly pension (EPS) = Average salary x service period / 70
Average salary = Basic salary and dearness allowance.
Service period = How many years you have been working.
70 = The number 70 in the pension calculation formula is the divisor used to calculate the pension amount based on the average eligible salary and service. This is the factor that is decided by the actuary of the fund at the time of inception of the scheme. An actuary is a business professional who deals with the financial impact of risk and uncertainty. The actuary has his own method to reach the factor scientifically.
According to the new rules of EPFO ( Employees’ Provident Fund Organization ), the maximum limit of pensionable salary is Rs 15,000. This means that every month you Will Rs 15,000 x 8.33/100 = Rs 1,250 in your pension fund. When it is calculated, it is taken out from this formula…
This much pension will be available at the age of 60
If you started working at the age of 23 and retired at the age of 58, then you worked for a total of 35 years. In such a situation…
Pensionable salary = Rs 15,000
Service period = 35 years
EPFO Pension = 15,000 x 35 / 70 = Rs 7,500 pension will be available per month
Know important EPFO Pension Rules
- The calculation of PF is based on the average salary of the last 60 months.
- The longer the duration of the job, the higher will be your pension.
- If you work and do not claim pension till the age of 60, then it will be beneficial.
- To get answers to questions related to pension, definitely understand the rules of EPFO.
- Keep reviewing your PF account from time to time.
Check Your EPF Balance Online – Step-by-Step Guide with UAN
- First of all download the Umang app on your phone.
- Choose your language to use the app.
- Click on the Continue button.
- Verify the details of your mobile number.
- You can easily use the app by registering your mobile number.
- By clicking on the search bar, the option of EPFO and View Passbook will come.
- If you click on View Passbook, you will have to provide UAN information.
- After clicking on Get OTP, you will have to enter the OTP received on the phone.
- By clicking on the submit button, you can check the account with UAN.
How to Download UAN Card Online from EPFO Portal
- Firstly, visit the EPFO portal.
- then Log in with ID and password.
- After logging in, go to the ‘View’ section on the home page and click on the UAN card option. Here you can also download your PF passbook.
- Your UAN card will appear on the next section.
- To download UAN card, click on the ‘Download’ button.
- On clicking ‘Download’, your UAN card will be downloaded in PDF format.
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