EPFO Pension Benefit: Get ₹7200 as Monthly Pension This Way

Only Government sector employees are not eligible to get pension benefits after retirement. With The Employee Provident Fund (EPF) scheme, introduced by the parliament under EPF Act, private sector employees are also eligible to receive pension benefits post-retirement. In the EPF scheme, the employer and employee both contribute towards the permanent EPF account of an employee, which is accessed and managed by a unique account number or UAN.

EPF scheme is a long-term retirement plan, in which an employee contributes a little portion of their salary on a monthly basis and earns an annual interest rate offered by the EPFO. So, it’s natural if you want to know how much your accumulated amount will be at the time of retirement, even if it is out of curiosity then retirement planning. In fact, you should calculate how much monthly pension you will get after retirement through the EPF scheme.

EPFO Pension Benefit

How to Get ₹7,200 as Monthly Pension From EPFO?

By law, employees are bound to contribute 12 per cent of their basic salary as a monthly contribution towards the EPF scheme and the employer is also bound to do the same. The amount accumulated in the EPF account is supervised and managed by the Employees’ Provident Fund Organisation or EPFO. The authority sustains the transparency of this retirement scheme and makes the transactions highly secure.

To know how much monthly you will get after retirement and hike it to ₹7,200 you can use the EPF calculator.

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How to Use an EPF Calculator?

  • First, enter what’s your basic salary and age.
  • Then you will see the following details: “employer’s contribution (EPS+EPF), total interest earned, and total maturity sum.”

How Does the EPF Calculator Work?

Starting with the very basics, an EPF account gets monthly contributions from an employee with 12 per cent of their basic salary. So, “For instance, the employee contribution will be 12% of Rs 60,000 (assuming there is no DA), the employee contribution will be 7,200.”

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Rishabh Sharma

Rishabh is an experienced content writer and editor, he is working for Viralbake to cover a diversified range of categories. His articles mainly focus on providing information, being a travel guide, educating others, and also making people aware of technology, after all, he is a technophile. When not writing he can be found gaming, watching movies, and travelling.

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