Find the result in the EPF pension calculator with a new EPS formula for accurate results. Calculate your gross monthly EPF pension to be paid into your employee benefit plan.
EPF Pension Calculator Online
Enter Your Pensionable Salary: |
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Enter Completed Years of Service*: | |
Your Monthly EPF Pension is |
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*The Maximum Pension on EPF subjected to Rs.7500 only, even calculation of monthly pension shows highest amount. |
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Contributions to the EPF Employee Pension Scheme (EPS).
The online source of the EPF Pension Calculator is available at epfindia.gov.in/EP_Cal/pension.html
The employee's EPF pension calculated on a new calculator according to the new formula. It is based on the action granted by the employer, which is, therefore, a combination of employee and employer participation.
Employee Contribution: The Employee Provident Fund has a variable contribution based on gender and the contribution made by an employee accumulates in her accounts, which is added to the employer contribution.
Here's how employee contribution differs by gender.
Male employee: If you're a man, you'll need to contribute 10 to 12 percent of your base salary.
Female Employee: If you are a new worker, in the first 3 years the contribution will be equal to 8% of the basic salary. This can go as high as 10 or 12 percent, once they have completed their 3 years.
Employer Contribution: Being an employer the contribution as each employee and impartial allowed in the form of gender and a percentage of 10 to 12 taken from the base salary as the employer's share added with the employee's share according to his eligibility.
EPF pension calculation formula
Monthly Pension = (Retirement Salary * Completed Service Period) / 70
The simple formula is retirement salary multiplied by full service divided by 70. Ex: (15000*30)/70,
Calculation of the employer's EPS contribution
The retirement contribution provided by the employer is calculated at 8.33% of the retirement wage shown below
15000*8.33% = 1250 or 15000*8.33/100 = 1250
Where as the portion of Rs.1250 credited to the EPS account which was split from the total employer contribution.
Interest rate for calculating the EPF
The employee's retirement funds are accumulated in the form of Pensions and provident funds with different interest rates. Interest is applied at the end of the financial year making a good increase in employee savings.
- The Employees Provident Fund's interest rate is 3.67%.
- The EPS interest rate is 8.33%.
- The employee deposit bond insurance plan is 0.50 percent
- There are other charges to the employer based on the activation of the employee account.
How to calculate your Employee Provident Fund (EPS) retirement plan.
The above interest rate can be calculated based on the accumulated savings from employee and employer participation and the EPF amount calculated each month. Let's say you have a base salary of 25,000.
Employee EPF Contribution: If the base salary is 25,000, your share of the EPF is 12% of the base salary. That's about 3,000 every month.
Employer EPF Contribution: Your employer's contribution to the EPF for your account will be 3.67% of your basic salary per 25,000 which will be approximately Rs 917.50 per month.
Employer Contribution to Retirement: 8.33% of the employee's retirement base salary can be added to their retirement account, which will be single and there will be no employee participation in the retirement plan.
The total contribution of the Employees Provident Fund is employee participation, including employer participation. This may allow for a total of 5,915 with 3,000 employees participating and 2,915 employers participating.
For more details: Please visit the websites of the EPF Pension Calculation Process
How much does a worker contribute to the Retirement Plan?
According to the calculation of the employee pension fund, the part corresponding to the pension deducted from the 8.33% paid by the employer. As a pension accumulated with 8.33% and the remaining 3.67% of employees can add to the employee pension fund PF account. The entire employee's share will go to the PF amount only and this part of the pension cannot be withdrawn.
What if my base salary has recently increased?
In accordance with the guidelines of the employee welfare fund, the calculation of the contribution to the VET can be carried out by the employee and the employer. Everything is done after the previous month's contribution has been paid. Over time, if the value of the base salary increases, it is used to calculate both the employee's and the employer's VET contribution.
Can I withdraw the full amount of the employee fee?
The employee can make the EPF withdrawal online with calculation according to the formula of the new pension calculator. This is all done by calculating the value of your base salary three times or 75% of the employee's pension share. The higher one can be presented for a settlement based on the submitted request for withdrawal of the EPF amount.