EPFO Pension 2023: Employees Provident Fund Organization has announced that pension will now be deposited in the accounts of EPS (EPF) 95 pensioners by the last working day of every month! The EPFO, in a circular dated January 13, 2023, said that “pension is to be credited on the first working day of the month to which the pension relates or in any case not later than the 5th day of the month.” ,
epfo pension 2023
In India, the Employees Provident Fund Organization has made it mandatory for all employees drawing a basic salary with a DA of Rs 15,000 or less to invest in EPS. All such employees who invest in EPF! They are also eligible to invest their money in EPS to secure their future!
Employees Provident Fund Organization has taken note of the delay in payment of pension to pensioners. Those who complained that money was not being deposited in their accounts.
The pensioners of the Employees Pension Scheme are facing a lot of difficulty in getting their pension on time.
The matter has been reviewed by the Pension Division do In line with RBI instructions, it has been decided that all field offices may send monthly BRS to banks in the following manner.
That the pension should be deposited in the pensioners’ account! Or before the last working day! Employees Provident Fund Organization has said in its circular, (Except for the month of March which will continue to be deposited on or after April 1)!
Current Rule of EPS
According to the rule, the employee deposits 12% of his basic salary in the Provident Fund. While 12% is given by the employer! EPS receives 8.33 percent of what the employer pays.
The highest pensionable salary is Rs 15,000 per month! In such a situation, a maximum of Rs 1250 per month can be kept in the pension fund.
how to calculate pension
Monthly Pension – (Pensionable Salary * Number of contributions in EPS Accounts) / 70 = EPS Calculation Formula! If a person’s monthly salary (average of last 5 years) is 15 thousand rupees! He has worked for 30 years!
So he will get monthly pension (Pension) (15,000*30)/70=6428 rupees! On the other hand, if the limit of Rs 15 thousand is replaced by the limit of Rs 30 thousand! Then you will get a pension of Rs 12,857 per month!
What is Pension Payment Order (PPO) Number?
According to the Central Pension Accounting Office, “The first five digits of each PPO represent the code number of the PPO issuing authority, the following two digits indicate the year of issue. And the next four digits represent the serial number of the PPO.
With the last digit serving as the computer check digit! A PPO with Employees Provident Fund Organization number 709650601302 indicates that it was issued by AG Madhya Pradesh in 2006. 130th PPO issued by that PPO issuing authority, and has been assigned Computer Code-2! ,
How much contribution in EPS EPFO Pension 2023
Employees Provident Fund Organization employee contributes 12% of his basic salary + dearness allowance to his EPF account every month! And the employer matches the employee’s contribution of 12%. As a result, a total of 24% of the employee’s compensation goes to his EPF account.
The employee’s share (i.e., 12%) and 3.67% of the employer’s total contribution of 24% goes to the EPF account. While the remaining 8.33 percent of the employer’s share goes to the Employees Pension Scheme account!
According to the latest circular of EPFO, now the pension will be credited to the pensioners’ account on or before the last working day of the month.