How much will be the pension? Usually the employees were in a dilemma regarding this question. EPFO has done a great job in this regard. Employees’ Provident Fund Organization (EPFO) has recently made a pension calculator on its website. Through which you can easily calculate your pension amount.
How much pension will you get after retirement?
If you have started taking pension from the age of 50, then how much pension will you get. Explain that the EPS calculator can be used by those people who started getting pension on or after April 1, 2014. Know the whole process.
Know the whole process in these easy steps
1. On the website you have to enter the date of birth of the pensioner. The EPF member should have completed 58 years of age as on 1st April 2011 i.e. before using this calculator the date of birth should be on or after 1st April 1953.
2. After entering the date of birth, you have to enter the details of joining and service exit i.e. date of retirement in the calculator. According to EPFO rules, the joining date of service should be on or after November 16, 1995.
3. After this you have to enter the number of NCP Day. NCP i.e. non-contributory period, means that you did not earn income during those days or the EPF contribution of the member has not been paid by the company. You can also understand it in such a way that the day you are on leave is called your non-contributory period. There are two types of NCP. In NCP-1, you have to enter NCP days up to 31st August 2014. In NCP-2, the NCP days after August 31, 2014 will be recorded.
4. According to EPFO, if a member has worked in more than one place, then he can add all those periods. Understand this in such a way that if you worked in one company for two years and then worked in another company for three years, then according to EPFO, you can enter the work done in both the companies during the service period.
5. After this you will see the pension start date in the system. Enter there the date when you received the first pension.
6. After this you will see pensionable salary written. Here you enter your salary. If your pension is started on or before 31st August 2014, then the pensionable salary will be the average income of the last 12 months and if the pension has started after this date then the average income of 60 months.
7. According to the new rules of EPFO, the maximum limit of pensionable income was Rs 6500 till 31st August 2014, which was increased to Rs 15 thousand for a later date i.e. 15 thousand till 1st September 2014 to use this calculator. Up to Rs. and maximum income as on 31st August 2014 should be Rs.6500.
