Top News

Even if you have worked in a company for 10 years, you will still get pension every month. The name of this pension scheme is. Employee Pension Scheme, which is run through EPFO. Let us tell you when you will get pension through this scheme, how much you will get and what is its eligibility.

Employees Pension Scheme (EPS)

The Employees' Pension Scheme was released by EPFO ​​on 16 November 1995, under which a plan was made to provide monthly pension to the employees working in the organizational sector. Under this scheme, pension is decided according to the number of days the employee works. Let us understand that if you have worked in a company for 10 years and your PF is deposited there, then how much pension will you get monthly.

Eligibility for EPS

You will get the benefit of EPS i.e. Employee Pension Scheme only if you have worked in at least some organized sector and under this scheme you will get a monthly pension of at least Rs 1000. However, the demand to increase the minimum pension amount to Rs 7,500 per month has been going on for a long time. Apart from this, the benefit of this scheme will be available only after the age of 58 years and the most important thing is that the employee should have a PF account in which he has deposited money during the job.

EPF members contribute 12% of their basic salary to PF through EPFO, the same amount is also deposited by the company. At the same time, the amount deposited by the company is divided into two parts, in which 8.33 percent goes to EPS and 3.67 percent goes to PF.

You will get this much pension

Under EPS, pension of employees is decided on the basis of their working time and their salary. Here we will tell you the calculation of pension of an employee who has worked for 10 years and whose monthly salary was Rs 15 thousand.

Monthly Pension = (Pensionable Salary

Pensionable salary = Average of your last 60 months salary

The employee's pension is decided through this formula. Let us now understand this through an example.

If you have worked in a company for 10 years and your pensionable salary is Rs 15,000, then you will get a monthly salary of Rs 2,143, starting from the age of 58 years.