EPFO Update: If you are an EPFO member, you can get a monthly pension of Rs 10,000. If your salary is Rs 15,000 basic pay today, you can get a pension of Rs 10,000 per month.
If any person wants to take advantage of this pension, he must remain a member of EPFO for at least ten years. Suppose you have worked under EPFO for ten years. So you will get Rs 10,000 every month as a pension. According to the rules of EPS, the age for getting a pension has been 58 years.
Preparation to increase basic pay to 21 thousand
Recently, after the meeting, it has been indicated by the Labour Minister that given the increasing unemployment, the government is thinking of increasing the basic pay limit from 15000 to 21000.
This announcement is expected to be made for EPFO members at the beginning of the year 2025. If the basic pay of EPFO members increases, it will be no less than a gift for them.
How to get a pension of Rs 10,000
If a person has been working under EPFO since 2015 and his basic pay is Rs 15,000, and if the primary wage is increased in 2025 and his basic pay becomes Rs 21,000, then after working for 35 years, he retires in 2049, then he will start getting Rs 10,000 every month as pension.
Method of calculating pension
Pension = Average pensionable salary * Pensionable service / 70
If you worked from January 2015 to December 2024, in which your basic pay is Rs 15,000, and from January 2025 to December 2049, in which your basic pay is Rs 21,000, then your pension will be calculated similarly.
If the basic pay is 15000
Pension = 15000*10/70
= 2142.86 rupees per month.
If the Basic pay is 21000 rupees
Pension = 21000*25/70
= 75000 rupees per month.
Your total pension in 35 years will be 2142.86 rupees and 7500 rupees added, i.e. 9642.86 rupees per month. In this way, you can get a pension of 10000 rupees every month.