How much pension will be received at age of PF? Calculate yourself with this formula

If you also do a private job, this news can be very important to you. We will tell you here how you can know how much pension you will get after retirement. Pension is provided after retirement by the EPFO ​​(Employee President Fund Organization) for private jobs. This is called the pension scheme of Epplayers. If you want to know how much pension will be received after retirement, we will tell you the calculation method. How much does EPF contribute each month? EPS is a pension scheme run by EPFO ​​itself. The basic salary of employees working in the private sector and an amount of 12% of DA (DA) is deposited into EPFF each month in Epff. Herewith the company or employer also collects the same amount, but the employer’s share is divided into two parts: 8.33% amount goes to EPS. 3.67% amount goes to EPF. How much pension will be received after retirement? If you want to take advantage of the pension facility, your contribution to EPS must last at least ten years. This means that your working life must last at least ten years. At the same time, the maximum pensionable service can last up to 35 years. Now we tell you how to calculate it so you can know how much pension you will get after retirement. EPS pension calculation method EPS pension is calculated based on a formula. This formula is something as follows: EPS = average salary × pensionable service / 70 Here mean average salary basic salary + DA, which is withdrawn on the basis of the past 12 months. Suppose your pensionable salary is a maximum of Rs 15,000. According to this, the share of pension will be as follows: 15,000 × 8.33% = 1.250 rupees per month. If you have contributed for 35 years, pension calculation will be as follows: EPS = 15,000 × 35 /70 = 7.500 per month. This way you can get a maximum pension of Rs 7,500 and minimum Rs 1000 under EPS. Using this formula you can easily know how much pension you will get after retirement. This formula of EPS rules EPS applies to employees working in the organized sector after November 15, 1995. According to these, employees are only entitled to pension after the age of 58. But if you decide to withdraw your pension amount before 58 years, you will receive 4% less pension each year. At the same time, if your pension pulls out to 60 years, you get 8% more pension than the general pension amount. This makes it clear that if your pension amount later withdraws, you will get more amount, which can make your mail rhetoric life more comfortable. Conclusion If you also do private work and want to use pension after retirement, you must have the right to know about the status of contribution to EPS and the right information on pension calculation. Using this simple formula, you can know how much your pension will be after retirement. In addition, if you contribute for a long time, the pension received after retirement may also be good, which will protect your financial condition. So, by understanding this information, you can make financial plan stronger and prepare yourself for the coming time.