EPS Pension Scheme April Update Pension will increase
EPFO provides a variety of facilities to the employees working in the private sector as per their convenience. Every month 12% of the employee's basic salary + DA is deposited in the PF account.
Of this, 8.33% goes to the employee's pension fund (EPS Fund) and the remaining 3.67% goes to the PF account.
In the Employee Pension Scheme, after the age of 58 years, the employee gets a lump sum amount deposited in the PF account.
The formula is – Monthly Salary of the employee = Pensionable Salary X Pensionable Service /70.
Off-white Section Separator
Your EPS pension can be Rs 12,857.
If the job duration of the person is 25 years then 15000 X 25/70 = Rs 5357 and if the duration is 30 years then according to this EPS formula his monthly salary will be Rs 6428 -
15 thousand goes out and your salary becomes 30 thousand, then according to the formula (Pension Fund), the pension you will get will be (30,000X30)/70 = 12,857.
Apply Here !
AIC Recruitment 2023 Apply Online for 40 MT Post