Pension Calculator In Epfo

EPFO EPS Pension Formula:

\[ Pension = \frac{PS \times PSV}{70} \]

Monthly Pension:

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1. What is the EPFO EPS Pension Calculation?

The EPFO EPS (Employees' Pension Scheme) pension calculation determines the monthly pension amount for employees covered under the Employees' Provident Fund Organization in India. The formula considers pensionable salary and years of service to calculate the retirement benefit.

2. How Does the Calculator Work?

The calculator uses the EPFO EPS pension formula:

\[ Pension = \frac{PS \times PSV}{70} \]

Where:

\( PS \) — Pensionable Salary (average salary during contributing period)
\( PSV \) — Pensionable Service (total years of service)
70 — Constant divisor as per EPFO regulations

Explanation: The formula calculates the monthly pension by multiplying the pensionable salary with the years of service and dividing by 70, as per EPFO guidelines.

3. Importance of Pension Calculation

Details: Accurate pension calculation helps employees plan their retirement finances, understand their entitlements under the EPS scheme, and make informed decisions about their career and retirement planning.

4. Using the Calculator

Tips: Enter pensionable salary in INR (average of last 60 months salary), and pensionable service in years (total years of EPF contribution). Both values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is pensionable salary under EPS?
A: Pensionable salary is the average monthly salary drawn during the last 60 months of service, subject to a maximum ceiling as prescribed by EPFO.

Q2: How is pensionable service calculated?
A: Pensionable service is the total period of service during which contributions were made to the EPS scheme, including fractions of years.

Q3: What is the minimum pension amount?
A: EPFO guarantees a minimum pension amount (currently ₹1,000 per month) for eligible members who have completed the required service period.

Q4: Can I get pension before 58 years?
A: Reduced pension is available from 50 years, but full pension is payable only upon attaining 58 years of age.

Q5: What happens if service is less than 10 years?
A: If pensionable service is less than 10 years, the member is not eligible for monthly pension but can withdraw the accumulated amount.