EPS or Employee Pension Scheme was introduced in 1995 by making an amendment in Employees’ Provident Fund and Miscellaneous Act. The focus of EPS Scheme is to provide monthly benefit for superannuation/retirement, disability, survivor, widow(er) and children.
The formula used for calculation of Monthly pension under EPS has been explained in this video. If your Employer contributes towards Employee Pension Scheme, you will be eligible to get the pension once you reach the retirement age.
Must Watch
➡️ EPFO Pension Scheme Update 2022 –
➡️ EPFO Pension Scheme Judgement 2022 –
———-
✅ If you liked this video, consider Subscribing my Channel –
✅ If you want to Connect with Me –
Please Share and Support.
———-
EPFO Supreme Court Judgement –
EPFO 2014 Amendment –
EPFO Website Link –
EPF Passbook Login –
My Recording Setup
🛒 Camera –
🛒 Microphone 1-
🛒 Microphone 2-
🛒 Light 1 –
🛒 Light 2 –
🛒 Mobile –
🛒 Camera Stand –
🛒 Monitor Stand –
🛒 Drawing Tablet –
🛒 BEST Amazon Deals –
🛒 My Recommendations –
Books I Recommend
📖 The Psychology of Money –
📖 Rich Dad Poor Dad –
📖 Atomic Habits –
📖 Think and Grow Rich – (English)
👬INSTAGRAM:
👬TWITTER:
📺 HELPFUL Playlists –
📺 PENSION PLANS –
📺 INSURANCE PLANS –
📺 INVESTMENT PLANNING –
📺 TAX PLANNING –
📺 GUARANTEED RETURNS –
———-
All videos/comments and all other forms of communication are for educational purposes only and should NOT be considered INVESTMENT ADVICE. Any individual shall NOT be held liable for any loss suffered in any form by a student/YouTube viewer/member of the public. Any information provided through our videos/classes/comments/social media posts or any other form must NOT be considered Investment advice.
Some contents are used for educational purpose under fair use. Copyright Disclaimer under Section 107 of the Copyright Act 1976, allowance is made for “fair use” for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use.
Category – Education
#everypaisamatters…(read more)
LEARN MORE ABOUT: Retirement Pension Plans
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
The Employee Pension Scheme (EPS) is a social security scheme for employees in India, created to provide financial support to employees after retirement. Under EPS, employees and employers contribute a portion of their salary towards a pension fund, which is then used to provide pension benefits to the employee upon retirement.
One of the common questions that employees have about EPS is how much pension they will receive upon retirement. The amount of pension that an employee is eligible for under EPS is based on a calculation formula set by the government.
The pension amount under EPS is calculated using a formula that takes into account the average salary of the employee, the number of years of service, and a fixed factor. The formula for calculating pension under EPS is as follows:
Pension = (Pensionable Salary x Pensionable Service)/70
In this formula, the pensionable salary is the average monthly salary of the last 12 months of employment of the employee. The pensionable service is the number of years of service that the employee has completed.
For example, if an employee has a pensionable salary of Rs. 20,000 per month and has completed 20 years of service, the pension under EPS would be calculated as:
Pension = (20,000 x 20)/70 = Rs. 5,714 per month
It is important to note that there is a maximum limit on the pension amount that can be received under EPS, which is currently set at Rs. 7,500 per month. This means that even if the calculated pension amount exceeds Rs. 7,500, the employee will only receive a maximum pension of Rs. 7,500 per month.
Employees who are covered under EPS and have completed a minimum of 10 years of service are eligible to receive a monthly pension upon reaching the age of 58. The pension amount is paid for the lifetime of the employee and can provide much-needed financial security during retirement.
In conclusion, the amount of pension that an employee will receive under EPS is calculated based on a formula that takes into account the salary and years of service of the employee. Understanding the pension calculation formula can help employees plan for their retirement and ensure financial stability in their golden years.
Sarkar ko eps pension dena chaia .nahi to election may vote ki chote denaga .
Sir below 9.5 Year service that Pension value amount which showing in EPFO passbook that amount will be get during final settlement.
Hi sir,
My father worked for 27 years and he is retired now. He is 67 years of age but he hasn't withdrawn any pension amount.. is it possible for him to withdraw full pension amount?
Please translate English
❤
What is basis for service period. Is it calculated from the dt.of joining ie.1970
Or 16.11.95 ie.amendment under epf95 scheme since i retired in 2002.pl clarify.My last salary drawn was 11,650/_.Tks.
11650×32÷70=?
On what basis Supreme Court took the deceission for average calculation as 60 months and why not 12 months. Who is Supreme Court to take deceission on our contributed private money. What authority Supreme Court has got to take deceission on our money. It is matter between a private firm and private job holder. We will make our own plan for Beth's benefit on mutual understanding. Why Supreme Court is accepting these type of cases which are not maintainable at all.