Find the result on EPF Pension calculator with a new EPS formula for accurate results, Calculate your monthly gross EPF pension to pay on your Employee Provident Fund Scheme…
EPF Pension Calculator
Contributions for EPF Employee Pension Scheme (EPS)
EPF Pension Calculator Online source is available at epfindia.gov.in/EP_Cal/pension.html
The employee EPF Pension calculated on new calculator as per the new formula. It is as per share given by employer which is thus a combination of the share from employee and employer.
Contribution by Employee: The employee provident fund does have a varying contribution based on the gender, and the contribution made by an employee will accumulate in their accounts which adds with the contribution of the employer.
Below are the details of how differently the contribution of employees based on gender.
Male Employee: If you are a man, then you will have to contribute 10 to 12 percent of your basic salary.
Female Employee: If you are a new working women, then for the first 3 years the contribution will be 8% of basic salary. This may equalized to 10 or 12 percent, once they have done their 3 years.
Contribution by Employer: Being an employer the contribution like every employee and non-biased allowed in Gender form, and a percentage of 10 to 12 taken from the basic salary as an employer share added with the employee share based on their eligibility.
EPF Pension Calculation Formula
Monthly Pension = (Pensionable Salary * Completed Service Period) / 70
The simple formula is pensionable salary multiplies with completed service divides by 70. Ex: (15000*30)/70,
Employer EPS Contribution Calculation
The pensionable contribution provided by the employer calculates at 8.33% on pensionable salary fixed as below
15000*8.33% = 1250 or 15000*8.33/100 = 1250
Where as the share of Rs.1250 credited into EPS account which divided from total contribution of employer.
Interest Rate for EPF Calculation
The employee’s provident funds do get accumulates into the Pension and provident fund format with different interest rates. The interest applied at the end of the financial year by making a good increase in the employee savings.
- Employee Provident Fund Interest Rate is 3.67 percent
- EPS Interest Rate is 8.33 Percent
- Employee Deposit Link Insurance scheme is 0.50 percent
- There are other charges to the employer based on employee account activation.
Find EPF Interest Rate as on date from 1952
How to Calculate Employee Provident Fund Pension Scheme (EPS)
The interest rate of above may calculates based on the savings accumulated from the employee and employer share, and the EPF amount calculated every month. Let us assume you have got a basic salary of 25,000.
Employee EPF Contribution : If basic salary is 25,000 then your share for EPF is 12 % of the basic salary. This is around 3,000 every month.
Employer EPF Contribution: Your employer contribution toward the EPF for your account will be 3.67 percent basic salary for 25,000 which will be around Rs 917.50 per month.
Employer Contribution for Pension: 8.33% of basic pensionable salary of the employee may around 1249.50 will add into your pension account which will be alone and there will be no share from employee under Pension scheme.
Total contribution of the Employee Provident Fund is Employee share including employer share. This may allow as a total of 5,915 with 3000 from employee and 2915 from employer share.
For More details:- Please check office websites EPF Pension calculation process
How much does an employee contribute to the Pension Scheme?
As per the employee provident fund calculation, the share for the Pension taken from 8.33% contributed from the employer. As the Pension accumulated with 8.33% and remaining 3.67% of employees may add to the employee provident fund PF account. The entire employee share will be towards the PF amount only and this pension share is not withdrawable.
What Happen if my basic salary increased very recently?
As per the guidelines of the Employee Provident Fund, the calculation of PF contribution by employee and employer may done. It is all done after the contribution of the previous month settled. During the course of time, if you have an increased value of basic salary then the same used to calculate PF contribution from both employee and employer.
Can I withdraw the entire amount from the Employee Share?
The employee can do EPF Withdrawal online with a calculation as per the formula of new pension calculator. It is all done by calculating the value of your three times basic salary or 75% of pension employee share. The highest may sent for a settlement based on your request raised for EPF amount withdrawal.