EPS Pension Calculator: Current age 30, basic salary Rs 28,000, pensionable service 28 years, what will be monthly pension at retirement?
Every EPF subscriber becomes eligible for the EPS pension. An EPF subscriber can apply for EPS pension by filling out form 10C and submitting it to their employer or the nearest EPFO office. In this context, we will discuss the monthly EPS pension a 30-year-old employee with 28 years of pensionable service will get at the retirement age of 58.
Every Employees’ Provident Fund (EPF) subscriber becomes eligible for Employees’ Pension Scheme (EPS) on completion of at least 10 years of service. Private sector employees who are part of the Employees' Provident Fund Organisation (EPFO) can receive the EPS pension when they turn 58.
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(Disclaimer: Our calculations are projections and not investment advice. Do your due diligence or consult an expert for financial planning)
Eligibility
To be eligible for EPS, an employee must be a member of the EPFO and must have completed at least 10 years of continuous service.
Contribution
Both the employee and employer can contribute up to a maximum 12 per cent of the employee's basic salary and Dearness Allowance (DA) to the EPF. However, only 3.67 per cent of the employer’s contribution goes to the employee’s EPF account, the rest 8.33 per cent goes to their EPS account.
Can an employee contribute to the EPF after leaving the service?
No, an employee cannot contribute to the EPF after leaving the service. In the absence of wages and employers, no recovery can be affected. Any contribution by the employer must be matched with the employee’s share of the contribution.
Pension benefits
Fixed income: monthly pension is provided post retirement
Early withdrawal: If a member leaves service before turning 58 and hasn't served the required 10 years, they can withdraw the entire pension sum at age 58.
Family support: If a member dies, their family receives pension benefits.
Benefits of EPS
Financial security
Tax benefits
Social security
How to claim EPS pension
Form 10C: Fill out Form 10C, which is available on the EPFO website.
Required documents
Age proof
Identity proof
Address proof
Bank account details
Service certificate from employer
In case of change in employment, can a member get their PF account transferred?
On change in employment, a member should primarily get their PF account transferred to his present organisation, duly submitting form 13(R).
What is the minimum age to start an EPF account?
There is no age restriction for becoming a member of EPF. However, an employee who has already attained the age of 58 cannot become a member of the EPF.
Can an employee continue to be a PF member even after their retirement?
Yes, if one continues to work even after attaining the superannuation age.
Current age 30, basic salary Rs 28,000, pensionable service 28 years, what will be monthly pension at retirement?
Current age 30, basic salary Rs 28,000, pensionable service 28 years, what will be monthly pension at retirement?
Contributing to the (present) wage ceiling of Rs 15,000. Individuals may get about Rs 6,000 as a pension if the service is for 28 years. (Pensionable Salary X Pensionable Service)/70 = (15,000x28)/70 = Rs 6000.
Even if individual basic salary is Rs 28,000, their wage ceiling will be Rs 15,000.