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If you are worried about pension expenses after retirement, and how will you survive at the age of 60, then this news is for you. Do you know that if you have worked in a company for even 10 years, then you will get a pension from there after retirement? Here we are talking about EPS pension run by EPFO, under which you will get a fixed pension monthly. Let us know the complete details of this scheme. Let us understand when you will get a pension through this scheme, how much will you get and what is its eligibility.

Employee Pension Scheme (EPS)

The Employee Pension Scheme was released by EPFO ​​on 16 November 1995, under which a plan was made to give monthly pensions to the employees working in the organized 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 monthly pension will you get?

Eligibility for EPS

You will get the benefit of EPS i.e. Employee Pension Scheme only if you have worked in at least an organized sector and under this scheme you will get a monthly pension of at least Rs 1000. However, the demand for giving the minimum pension amount of 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 company also deposits the same amount. 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.

This much pension you will get

Under EPS, the pension of the employees is decided on the basis of the time they have worked 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 is Rs 15,000.

Monthly pension = (Pensionable salary X pensionable service) / 70

Pensionable salary = Average of your salary for last 60 months

The pension of the employee is decided through this formula. Let us now understand it 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, which will start from the age of 58.

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