When we think about our future plans, planning for retirement is an important step. Having a good pension plan is essential to ensure financial security in life after retirement. In India, the Employees'  Pension Scheme (EPS) run by the Employees' Provident Fund Organisation (EPFO)  is a scheme that provides regular income to organised sector employees after retirement. If you have worked in a company for 10 years or more, you may be eligible for pension under this scheme.

In this article, we will know  how much pension you will get after 10 years of service  , how it is calculated, and how you can check your pension details. Apart from this, we will also discuss some important points related to this scheme.

EPFO Pension: How much pension will you get every month after 10 years of service?

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The Employee Pension Scheme (EPS) aims to provide financial security to employees who have completed at least 10 years of service in the organized sector. Under this scheme, after retirement you will get a fixed amount every month as pension.

EPFO Pension Overview

SpecialityDescription

Name of the scheme Employee Pension Scheme (EPS)

Eligibility 10 years of service and 58 years of age

Calculation of pension Monthly pension = (Pensionable salary × Service years) / 70

Minimum pension ₹1,000 per month

Retirement Age 58 years

Holiday Pension Available at reduced rate after 50 years of age

Payment of pension Directly into bank account

Pension Calculator Available on EPFO ​​website

Importance of EPS Pension

Employee Pension Scheme (EPS) is an important financial instrument for employees who want to fulfill their basic needs after retirement. This scheme not only provides regular income, but it also offers various types of assistance such as widow and child pension.

How does EPS pension work?

To avail EPS, you need to fulfil certain conditions:

1. Service period:  You must have completed a minimum of 10 years of service.
2. Age:  You must be at least 58 years of age.
3. Contribution:  You have to make regular contributions to the EPFO.

Calculation of EPS Pension

The following formula is used to calculate EPS pension: =( × )/70 =( × )/70

Example:

If the average salary of an employee is ₹15,000 and he has served for 10 years, his monthly pension will be: =(15,000×10)/70=₹2,143 =(15,000×10)/70=₹2,143

This calculation shows that if your service period increases, your monthly pension will also increase.

Other benefits related to EPS

• Widow Pension:  If the member dies, his/her wife or husband gets widow pension.
• Child Pension:  Children of the member also receive a fixed amount when the member passes away.

How to check your EPS pension?

You can check your EPS pension details by visiting the EPFO ​​website. For this, follow the following steps:

1. Visit the official website of EPFO.
2. Go to the “Online Services” section.
3. Click on “Pension Calculator”.
4. Enter your information and click the Calculate button.

conclusion

The Employee Pension Scheme (EPS) is an important financial security measure for organized sector employees. If you have worked for 10 years in a company, you can get a fixed amount every month after retirement under this scheme. This ensures that you have a stable income source even after retirement.

Disclaimer:

This information is given for general knowledge only. The reality is that your actual pension amount will depend on your contribution and service period. Please visit the official website of EPFO ​​to get the correct information keeping in mind your personal details.