EPFO Calculator: Looking at the convenience of its subscribers, EPFO gives them this facility that they can calculate in advance how much pension and EDLI benefit they will get on their deposits and on total investment.
Provident Fund is a social security investment tool run by the government through EPFO or Employee Provident Fund Organization. It is a popular medium of investment to build the corpus for retirement. With this, not only do you save for yourself, investing in PF also provides security to your family. In this, the benefit of EDLI (Employee’ Deposit Linked Insurance) is available, under which, on the untimely death of the PF member, his nominee is given an insurance benefit of up to 7 lakhs.
Can calculate pension and EDLI benefits amount
Considering the convenience of its subscribers, EPFO gives this facility to their subscribers that they can calculate in advance how much pension and EDLI benefit they will get on their deposits and on 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 PF account by giving some details of your job and income. Here we are telling the complete process to check it step-by-step.
1. How to Check EDLI Benefits (EDLI 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 a box, you will see two options – EDLI Benefit Calculator and Pension Calculator.
– Inside the EDLI Benefit Calculator, you will have to give 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 get to know the amount of EDLI benefits.
2. How to Calculate Pension (Pension Calculator)
-The initial process of Pension Calculator is the same as that of EDLI Calculator. After coming to the page of the pension calculator, the process is given below
– you have to enter your date of birth. Along with this, you will have to give details like joining, leaving, etc. After this click on Show / Update details.
After this the system will 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, at the age of 58, you will get the full pension benefit.
You enter the pension starting date and salary for pension in the calculator and click on Show / Update details. The system will show you your superannuated monthly pension amount.
Keep these things in mind while calculating EDLI benefits and pension-
– It is not necessary that the calculated amount is correct, it can be here and there.
If the PF member has died in September, 2022, then the progressive balance will be calculated from September, 2021 to August 2022.
Progressive balance will be the total of the PF balance of the employee and the employer and the pension contribution of the last 12 months. You can also check this balance from EPF passbook.
– Pension Calculator does only superannuation pension and early pension calculator.
