Pension calculator: EPFO subscribers get the facility to calculate in advance how much pension and EDLI benefit they will get on their deposits and total investment.
Pension calculator: Provident Fund, an investment scheme run by EPFO, is one of the first choices for preparing a retirement fund. In this scheme, some part of the salary of the salaried employee goes every month and the company also contributes the same amount. Of the employer’s contribution, 3.67% goes to the Employee Provident Fund (EPF) and 8.33% to the Employee Pension Scheme (EPS), which makes the employee more prepared. In this, the benefit of EDLI (Employee’ Deposit Linked Insurance) is available, under which, in case of untimely death of a PF member, his nominee gets an insurance benefit of up to Rs 7 lakh.
You can calculate the amount of pension and EDLI benefits
You can also calculate your pension and EDLI benefits. EPFO subscribers get the facility to calculate in advance how much pension and EDLI benefit they will get on their deposits and total investment. EPFO provides a calculator to calculate EDLI benefits and pension on its official website. You can check how much monthly pension and EDLI benefits you will get on your PF account by giving some details of your job and income.
For this you can follow the step-by-step process given below.
1. EDLI Benefits Calculator
- Go to the official website of EPFO.
- Under the Online Services tab on the dashboard, you will see the option of EDLI and Pension Calculator, click on it.
- After this a new page will open in front of you. In one box you will see two options – EDLI Benefit Calculator and Pension Calculator.
- Inside the EDLI Benefit Calculator, you will have to provide information about the date of death of the EPFO member, average progressive balance and average salary of the deceased for the last 12 months.
- After entering the details, click on Show Updated Calculation, you will know the total amount of EDLI benefits.
2. Pension Calculator
- Come to the page of Pension Calculator.
- You have to enter your date of birth. Along with this, you will have to give details like joining, leaving the job etc. After this click on Show/Update details.
- After this the system will calculate and show you the date of completion of 58 years of age, 50 years of age for early pension and pension starting date for monthly pension amount.
- You can get early pension after the age of 50, but the pension amount will be reduced. At the same time, after turning 58, you will get full pension benefit.
- Enter pension starting date and pension salary in the calculator and click on Show/Update details. The system will show you your superannuation monthly pension amount.
Be sure to know this
- It is not necessary that the amount shown is absolutely correct, it can vary here and there.
- If the PF member dies in April, 2022, then the progressive balance will be calculated from April, 2021 to March, 2022.
- Progressive balance will be the total of the PF balance of the employee and employer and the pension contribution of the last 12 months. You can also check this balance from EPF passbook.
- The pension calculator shows only superannuation pension and early pension.
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