Pension Calculator: Provident Fund Scheme is being run by the Employees Provident Fund Organization (EPFO) for retirement fund. In this scheme, the investor gets the benefit of monthly pension along with a lump sum after 60 years. If you also invest in PF Account, then let us know how you can know how much pension you will get.
Employees Provident Fund Organization (EPFO) is running Provident Fund Scheme to continue the 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 contribution being made by the company, 3.67% goes to Employee Provident Fund (EPF) and 8.33% goes to Employee Pension Scheme (EPS). In PPF, the investor gets the benefit of EDLI (Employee’ Deposit Linked Insurance).
If the PF member dies untimely, the nominee of the PF account gets insurance 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 page of Pension Calculator.
- After this, enter your date of birth (DOB) and fill all the other information like joining, leaving the job.
- Now you have to click on Show/Update details.
- Now your completion date of 58 years, 50 years of age for early pension and pension starting date will be calculated and shown on the screen.
- If you wish, you can avail pension even after the age of 50 years. However, in early pension the pension amount is reduced. And after you turn 58, you will get full pension.
- You enter pension starting date and pension salary in Pension Calculator and click on Show/Update details. After this the monthly pension amount will be shown on the screen.
How does the EDLI calculator work?
- You have to go to the official website of EPFO and login 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 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 benefits will be shown on the screen.
These are the 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, then the progressive balance will be calculated till (April 2021- March 2022).
- Progressive balance is the total of PF balance and pension contributions of the last 12 months. You can check progressive balance in EPF Passbook.
- Only superannuation pension and early pension are shown in the pension calculator.
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