EPFO Update: How Much Pension Do PF Employees Get After The Age Of 60, Know Details

In case your PF is being deducted while working in the private sector, then this news is going to come out as very beneficial. Do you know that 12 percent of the total salary of the employee is contributed to the PF account? The same contribution is made by the employer.

Of the same, approximately 8.33 percent of that amount is allocated to the pension fund. Whereas 3 percent stays in the PF account. Many a time, the query about the amount of pension a PF employee would get after working till age sixty surfaces. The EPFO has made some rules regarding this, which you can very well read and remove all your doubt regarding this.

Realize The Important Pension Rules Under EPFO Very Soon

In order to get the preference, certain relevant provisions have also been prescribed by EPFO for the benefit of PF members which must be adhered to. Any individual inculcating investment in PF account for the period of 10 years or more shall qualify for the pension. According to EPFO rules, PF members rejoin after 50 years of age and file for pension.

If he retires and files for pension benefits vale at the age of 58 years one will lose 4% for each darn year in pension. If a person however, still employed at age 54 goes, and files for pension benefits, they will forego up to 16% of their pension. Besides, if it is paid to you after you have turned 60 years of age, you will earn an extra benefit of 8% more pension for every year from the base with 4 % increase each year.

Simultaneously, as per the present regulations of the EPFO, the maximum limit of the pensionable salary is restricted to NRs. 15,000. Thus, Monthly 15000 X 8.33/100 will amount to 1250 rupees which should go to your PF Pension Fund,

Pension You Can Be Availed After 60

For some odd reasons, let’s say you’ve joined work at the age of 23 and are expected to retire at the age of 58 however, according to this you’ve only worked for 35 years. In such cases the EPF structure under old scheme of the EPF old pension scheme salary pensionable was limited to Rs. 15,000. When an employee retires, an average of the salary in respect of which the employee contributed to the pension fund for the last 60 months is taken.

Do You Know How To FInd Out

Assume, pensionable salary X pensionable service/70 = monthly pension.

15000X35/70= 7500 Rs.

By the way, if a person does not apply for pension till the age of 8 years before his retirement age, an additional 8 percent is provided in the pension.

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