WebFeb 24, 2024 · Only the employer contributes 8. 33% of themember’s basic to EPS, out of its total 12% contribution. However, since pensionable salary is capped at Rs 15,000 a … WebMar 15, 2024 · How to Calculate Your Pension Under EPS. The pension amount in PF depends on the pensionable salary of the member and the pensionable service. The member’s monthly pension amount is …
EPFO: Know how to get Rs 7,200 as monthly pension after …
WebNov 10, 2024 · For calculating the monthly pension after retirement, the following formula is used. (Pensionable salary * Years of service)/70. The maximum years of service used for the calculation is capped at... dji mics
Higher EPS Pension: Allow contribution towards higher pension …
WebApr 12, 2024 · Every employee of India contributes 12 per cent of his basic salary and dearness allowance to the EPF account every month. For example the employee’s contribution will be 12% of Rs.60,000 i.e. Rs.7,200. That is, after retirement, you will continue to get Rs 7200 as pension throughout your life. Newsncr.com latest publishes … WebDec 7, 2024 · Maximum Pensionable Service considered for EPS is 35 years So, upon applying the formula, (15000 * 35 / 70) = Rs. 7,500 per month is the maximum pension that one can earn through EPS. Some points that are noteworthy here are: The minimum pension that a person can earn under EPS is Rs. 1,000 per month. WebCompany Yearly Contribution: Employer or company’s contribution to EPF is 3.67 % according to the EPF and MP Act. Employer Contribution = (Basic Salary + DA) X 3.67% X 12 months Use the fill handle to copy the same formula till the end. Total Contribution: Total Contribution for that year = Employee Contribution + Employer Contribution. dji microsoft