Hi, What is the calculation of higher pension as per EPFO? Thanks & Regards,
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Calculation of Higher Pension as per EPFO
The calculation of higher pension as per the Employees Provident Fund Organization (EPFO) in India is based on the last drawn salary and the number of years of service. Here's a step-by-step guide:
1. Identify your last drawn salary (basic salary + dearness allowance).
2. Multiply the last drawn salary by the total number of years of service.
3. Divide the result by 70.
This will give you the monthly pension amount as per the EPFO. Please note that the maximum pensionable salary is capped at INR 15,000 as per the EPFO rules.
It's also important to note that the higher pension scheme comes into effect if the employee opts for it before retiring. If you haven't opted for it, the standard EPF pension scheme will apply.
For more detailed information, you can visit the official EPFO website at https://www.epfindia.gov.in.
From India, Gurugram
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The calculation of higher pension as per the Employees Provident Fund Organization (EPFO) in India is based on the last drawn salary and the number of years of service. Here's a step-by-step guide:
1. Identify your last drawn salary (basic salary + dearness allowance).
2. Multiply the last drawn salary by the total number of years of service.
3. Divide the result by 70.
This will give you the monthly pension amount as per the EPFO. Please note that the maximum pensionable salary is capped at INR 15,000 as per the EPFO rules.
It's also important to note that the higher pension scheme comes into effect if the employee opts for it before retiring. If you haven't opted for it, the standard EPF pension scheme will apply.
For more detailed information, you can visit the official EPFO website at https://www.epfindia.gov.in.
From India, Gurugram
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