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馃敶EPS Employee Pension Scheme | Pension Calculation Formula in Hindi - YouTube
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Friends, do you know,
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EPFO gives lifelong pension to all its members.
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And not only to members,
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after them, to their wife, children and,
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if they also get any disablement during the service,
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due to which, they are not able to continue their service,
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then they are provided lifelong pension from PF Department.
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So friends, we have received so many comments,
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regarding Employee Pension Scheme.
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So, today, in this video,
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I am going to tell you,
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such 10 important facts,
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which you should know about Employee Pension Scheme.
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So, Employee Pension Scheme,
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is the scheme of PF department,
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All the employees are given a pension covered under this scheme.
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And, this scheme is very complex.
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That's why we will not be able to cover it in one video,
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Today, this is our introduction video,
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in which we will gather basic information about
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Employee Pension Scheme.
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And, we will answer 10 such questions,
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which every individual have about EPS.
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So, friends, my name is Rishabh Jain.
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Our channel's name is Labour Law Advisor.
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And, before we move further,
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Please Subscribe to our channel,
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and don't forget to press the bell icon,
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so that, you don't miss such important updates in future.
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[Intro Music]
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So, Number 1. Contribution of EPF.
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So friends, like you all know,
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PF Scheme is made up of 3 schemes.
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First, EPF that is Employment Provident Fund Scheme.
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Second, EPS that is Employee Pension Scheme.
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And third, EDLI is Employee Deposit Linked Scheme.
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In these 3 schemes, a different amount is contributed,
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In EPF Scheme, 15.67% of your basic wage is Basic + DA.
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In EPS Scheme, 8.33% of your basic wage.
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And, in EDLI, 0.5% of your basic wage,
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is contributed.
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If you want to know about this scheme in detail,
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then you should watch our's this video.
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In this, we have explained EPF calculation in detail.
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In EPS Scheme,
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8.33% of your basic wage is being contributed every month.
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Number 2. Limit of EPS?
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So, friends, as of September 2014,
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the maximum limit of contribution towards EPS,
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has been kept only Rs.15,000 Basic + DA.
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That means, you can maximum deposit 8.33% of Rs 15,000,
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which amounts to Rs 1250.
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Before September 2014,
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this maximum limit was Rs 6,500.
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That means, 8.33% of Rs 6,500,
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which was Rs 542,
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you could have deposit before that in EPS Scheme.
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Number 3. Service Period.
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So friends, for pension,
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minimum 10 years of service is compulsory.
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That means if you have contributed for 10 years towards the EPF fund,
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then you become eligible for pension.
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For contributing less than that,
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you can withdraw your EPS money but,
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you will not be eligible for pension.
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For calculation of pension,
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the maximum limit which has been set,
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is 35 years.
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That means if your service is in between 10-35 years,
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then you are eligible for EPS Scheme.
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If your service is of more than 35 years,
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then the maximum calculation,
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will be done on the basis of 35 years only.
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Second.
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For all types calculation, PF Department Considers
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6 months or more than as 1 year and less than that as 0.
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In such case, assume that your service is of
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5 years, 6 months and 3 days,
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then PF Department will consider that as 6 years,
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And assume that it is of 5 years, 5 months and 27 days,
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then they will consider that 5 years.
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That's why, if your service is of at least 9 years and 6 months,
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then you will become eligible for a pension,
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and before 9 years and 6 months,
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if you want to withdraw your pension money,
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and your service has been left before,
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then you can withdraw your pension money.
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Otherwise, you can not.
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Fourth Question, Do we get interest on EPS fund?
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So, the answer to that is 'No'.
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Friends, there is no interest on EPS fund,
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but, when you withdraw this,
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then it may happen that whatever you contributed,
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you withdraw more than that amount,
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We will also make a detailed video on that.
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Because that calculation is quite difficult.
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But, for now, just understand,
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you are not getting any interest on EPS fund.
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You are only getting the interest on the amount,
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present in the Provident Fund which is 15.67% of your basic salary.
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Fifth Question, when do we get the pension?
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So friends, once your service is more than 10 years,
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from there, you will not get a pension.
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After reaching the age of 58 years,
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if you are still in the job,
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then also, your pension gets started and after that,
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your total amount starts getting deposited in your PF,
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rather than in pension amount.
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But, there is a provision of an early pension in this.
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You can start the early pension after reaching the age of 50 years.
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The condition for that is,
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you should not be working.
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And, if you start an early pension,
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then every year, you face a loss of 4%.
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That means, assume that,
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you were having a pension of Rs 100 at 58 years of age,
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so, if you will start your pension at the age of 57 years,
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then you will only get Rs 96 as a pension.
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You can start your pension
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after reaching the age of minimum 50 years,
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if your 10 years of service has been completed.
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Sixth Question,
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what is the minimum and the maximum limit of pension?
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So friends, recently Modi Government,
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has increased the minimum limit of pension to Rs 1,000.
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And, the maximum limit of this is Rs 7,500.
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How much exact this calculation is?
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We will tell you this in the calculation video.
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But, for now, understand this,
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the pension you will get,
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will be in between Rs 1,000 to Rs 7,500 per month.
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But, friends, some people from you must have read this news.
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See this, we are showing that news on screen,
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This man got 1200% hike in his pension.
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His PF pension increased from Rs 2,500 to Rs 30,592.
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How is that?
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We also want to cover this study.
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If some people from you want to know about this,
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then tell us in the comments.
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If we will get enquiry of enough people in the comments,
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then we will explain this whole case study and,
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we will tell you,
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how you can also increase your pension many times,
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using the special clause of Provident Fund.
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Number 7. Calculation of pension.
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So, friends,
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we will tell you the calculation of this,
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in a separate detailed video,
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but, I am telling you in short,
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for those people who have joined PF after November, 1995.
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The calculation of pension for them,
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formula for that is this,
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Average pensionable income x Number of years of service,
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Divide by 70.
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How to calculate these components separately?
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We will tell you this in the detailed video of Pension Calculation.
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So, be there on our channel.
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Number 8. Leaving the job.
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What happens to your EPS fund, when you leave any job?
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Or your service is of 10 years or less than that.
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So in such case, you can do 2 things.
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If you want, you can withdraw your EPS money,
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the way, in which you withdraw your EPF money,
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or your Provident Fund money,
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In the same way, EPS money can also be withdrawn but,
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there should be a minimum service of 6 months.
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Because as I told you before,
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For all the calculation, PF Department considers,
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service of 6 months or more as 1 year and,
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service of less than 6 months as 0 year.
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So, if your service is less than 6 months,
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then you will not get EPS money.
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More than that, you can withdraw your money,
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or you can ask a Scheme Certificate from the department,
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and when all these Scheme Certificates gets combined,
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becomes a service of more than 10 years,
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then you will become eligible for the pension.
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The form that you need to fill for this,
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that form is Form 10 C.
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Let me tell you one more important thing.
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When you transfer your PF from one company to another,
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then you still see Rs 0 in the EPF section.
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Why is that?
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Because PF Department fetch all your other information,
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from the previous records but,
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they don't need exact amount to calculate your pension,
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That's why that amount is not visible in the passbook.
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But, you can watch that in your service history,
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how much work you have done in a particular company.
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Number 9.
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So friends, if your service is less than 10 years,
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then in such case, either you can withdraw your PF money,
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or you can generate a Scheme Certificate for that.
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This Scheme Certificate,
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whenever you join a new job,
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you should keep it with you before, by generating that
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if you are working for pension.
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And if you are withdrawing,
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then for that also, same facility is there.
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So, the form that you need for this will be Form 10 C.
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In a separate video,
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how to fill this Form 10 C,
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What are the fine points in that?
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What other documents are required with this?,
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we will tell you that in a separate video.
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And, last that is point number 10.
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Those who have become eligible for pension,
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for them the form which is there,
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is known as Form 10 D.
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So, friends, those of you,
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who are eligible for pension,
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for them also, there is no need to worry,
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we will make a separate video for them,
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regarding Form 10 D.
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So, you are getting that overall scheme of this pension,
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is very complicated and,
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we at Labour Law Advisor,
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work only to answer all your pension-related questions efficiently.
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We shall be able to answer all your questions related to Labour Law.
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Be there on our channel.
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Subscribe to channel and press the bell icon,
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so that, the video we will make in future regarding pension,
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you do not miss them.
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And, there is no trouble,
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if you have not reached near the age of 50 or 58 years,
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then also, it is very important to for you to know,
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everything about the pension and this scheme,
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so that, you can plan your future accordingly.
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So friends, we, Rishabh and Mandeep, signing off.
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Stay tuned with Labour Law Advisor Channel.
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[Outro Music]
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