Employees’ Provident Fund Organization (EPFO) came up with a new pension scheme in 1995. Under which there was also a provision to get pension to the PF holder. EPFO has recently made pension calculator on its website.
Through which you can easily calculate your pension amount. How much pension will you get after retirement? If you have started taking pension from the age of 50, then how much pension will you get. Explain that the EPS calculator can be used by those people who started getting pension on or after April 1, 2014. Know the whole process.
Know the whole process in these easy steps
1. On the website you have to enter the date of birth of the pensioner. The EPF member should have completed 58 years of age as on 1st April 2011 i.e. before using this calculator the date of birth should be on or after 1st April 1953.
2. After entering the date of birth, you have to enter the details of joining and service exit i.e. date of retirement in the calculator. According to EPFO rules, the joining date of the service should be on or after November 16, 1995.
3. After this you have to enter the number of NCP Day. NCP i.e. non-contributory period, it means that you did not get income in those days or the EPF contribution of the member has not been paid by the company. You can also understand this in such a way that the day you are on leave is called your non-contributory period. There are two types of NCP. In NCP-1, you have to enter NCP Days up to 31st August 2014. On the other hand, NCP days after 31 August 2014 will be recorded in NCP-2.
4. According to the EPFO, if a member has worked in more than one place, then he can add all those periods. Understand this in such a way that if you worked in one company for two years and then worked in another company for three years, then according to EPFO, you can enter the work done in both the companies during the service period.
5. After this you will see the date of commencement of pension in the system. Enter the date when you received the first pension there.
6. After this you will see the pensionable salary written. Here you enter your salary. If your pension is started on or before 31st August 2014, then the pensionable salary will be the average income of the last 12 months and if the pension has started after this date then the average income of 60 months.
7. According to the new rules of EPFO, the maximum limit of pensionable income was Rs.6500 till August 31, 2014, which was increased to Rs.15 thousand for a later date i.e. 15 thousand till September 1, 2014 to use this calculator. Up to Rs. And the maximum income should be Rs.6500 as on 31st August 2014.
After this you will see the details of pension
After entering all the data, your monthly pension will be displayed on the calculator. According to EPFO, from September 1, 2014, a minimum pension amount of Rs 1 thousand is given to the pensioner, that is, if your pension becomes Rs 540, then EPFO will give you a pension of Rs 1000.
What if you are under 58 years old?
According to EPFO, after 50 years pension starts getting. But if you take pension before 58 years, then EPFO deducts at the rate of 4 percent annually. That is, the number of years before the pension is taken from 58, the amount will be reduced at the rate of 4% for that number of years.
see an example
You can understand the whole process with an example. A member’s date of birth is 2 October 1964 and he started service on 27 November 1995 and he retires on 21 January 2022 with a pensionable salary of Rs 15,000. If the number of NCP days is zero. If his pension is to start from January 21, 2022, then after filling all these information in the calculator, it will be seen that he will get a monthly pension of Rs 3327.
