Very well explained with clarity..just wanted to add, EPFO in it's circular dated 20 feb 2023 said that formula for computation of pension shall be followed in subsequent circular.. So we can't even calculate the pension on the basis of earlier formula as u explained
useful video. takeaway from video 1. Not recommended for longer service pending 15 to 20 years due to long calculation and Govt vision may change in between. 2. EPS-95 Tracking and passbook not available so no visibility on current EPS-95 deduction 3. Govt EPFO if goes in loss then it will be risk.
What about the new employees who started career after 1st sept 2014? Or going to start in future? What should they do? Do they have any option and how does this work for them? Please answer. Thank you.
What about those government employees who don't have a pensionable job. But still some part of EPF contribution is pension? What will be effect on such employee?
Kya abhi Higher pension ke anusar contribution kar dete government policy change hoti h to to hum kya hume lumsum ka offer bhi mil sakta h ya pura amount jaise abhi milta h mil sakta h.?
Pension will be calculated in two part ,one part from service join date to 2014 and other from 2014 to retirement(58 yrs) and personable salery will be taken 12 months and 60 months avg salary respectively
An employee got age of 58 years in end of December 2018 but actually superannuated in end of December 2020. Now the question is that how pention will calculate ie last 60 months salary from 2014 to 2018 or 2016 to 2020. Plz clear, how pention calculation will be done.
I am going to complete 35 years of service when I will turn 58 years of age. I am member of EPS from March 1995, will my years of service be calculated from 1995 or from my date of service start where my pf deduction started.
Do you have any video which can explain to take decision on if we should opt for 12% deduction or 1800 per month in PF for people who are in 10+ years in job.
an private employee superannuated 2016 in org X getting his pension and joined other privte org "Y "but still holds good amount blnce in EPF can they opt POHW with the current employee Y.but his data to upload is not with current employee as he joined from 2017
an employee worked in private org for 20 yrs and superannuated in 2016 still working now paying only EPF and he had not submitted joint option and all his service EPS paid on statutory limit can thy opt POHW.
I transferred my pf from old company to new company, and my DOJ in PF is showing new company joining date. So my total service will impact. How can I resolve this?
Sir, Muje 60 sale pure hogaye AP government ne 62 sale ka retirement fix Kiya, epfo ke rule ke Anusara pension ka age 58 year hi tho muje 58 sale se pension mileage ya nahi. Please muje Batavia sir. Namaste. Thanks.
video very clear n nice presentstion. I need one clarification that pensioner who has retired in 2013 n have not given any option earlier is now eligible to apply for higher pension or not. Thanks
How many minimum no. of years service required for eligiblity of higher pension scheme?? Is it compulsory to do service upto 58 years of age for getting higher pension??
I am member of EPS from March 1995, from which month the entire contribution of employer will go to EPS? From 2014 or from 1995? We can take decision if we come to know exactly how much amount is going to get transferred, how can we find that
Now I am 62 years old. Can I opt for NEW pension, still I have not opted for pension, I am also working. Now what i am getting salary for that basic is taken or at the end of 60 years what I had it will be taken. Pls provide clarification
Hello, What is stated in the video is absolutely correct. Of the 12% of the employer’s contribution, 8.33% of the salary is directed to the EPS account and 3.67% of the salary is directed to the EPF scheme. On the other hand, 12% of the employee’s contribution is directed solely to the EPF Account. We hope we are able to clear up your confusion. Thank you.
The contribution made to EPS from EPF is not returnable to the subscribers nor to legal heirs. A huge amount may be lost even if the pension is sufficient to recover the contribution amount. If we keep the contribution amount in Deposit we can earn interest and return of deposit
Very well explaned sir. Thank you very much. I have one question. If I am working from 1995 and getting salary more then 15000 from 1995 . From which date Govt will take fund from my EPF account to EPS if I opt higher pension. Kindly answer.
Remember Govt can apply any amendment on this issue,that may be early or later ,another question is still now EPFO is still showing indifferent and stoic attitude no repurcation on it,therefore I think every elligible person reconcile it from every corner of merit & demerits side of it,otherwise huge financial loss may be occured.
Valuable information sir. Thank you. My query is:-If employee under Autonomous body of government getting 70000/-salary, should he opt for higher pension. He has 13-14 years of service period left..
Sir, today on 4th May 2023, I have tried to delete my option form which I have filled previously, could not be deleted. After filling UAN Aadhar, DOB etc. correctly, the OTP does not come & error message displayed. Tried 2-3 times, same error message repeated. Please guide.
Most of the UA-camrs have made quite complex videos with Excel calculations sheets on how much money will be transferred to EPS account. These are not easy for layman. Employee share till date is equivalent to 12% contribution + interest till date. For example, if employee balance at present is 12 lakh, contribution required will be 8.33 lakh. Then there is already some contribution done (1250 each month). This can be easily checked from latest slip, ie if employer balance is 10 lakh, it means 2 lakh is already contributed. Hence the net contribution required will be 8.33-2=6.33 lakh.
I am a reduced pensioner in the year 2002 at pensionable salary Rs 5000 on 50 yrs of age. Now I am getting pension Rs 927. So, please inform me whether l can apply for higher pension
Sirji, one thing I want to point out here which have bearings on what you have said. At present, EPFO is not considering average of last five year pension able salary in calculating pension, inspire of provision in rules. So practical aspect of this is that EPFO will consider average of basic and da for whole service period and accordingly pension will be calculated which is being done now. As I am one of pensioners retired in year Jan 21. Pl look into.
Sir what about a PSU employee who will retire in 7 years from this date..is this higher pension scheme profitable to him? ?also he is getting da ..so pensionable salary will be basic+da?? Is 2:34 PSU is also treated as private org by epfo??
what if employee changes thier company every now and then because of increament in sslary? In such a case number of service should count full or count as per last employement?
As per revised clarification from EPFO on 3rd May, 2023, the employer's contribution towards EPF will rise from 8.33% to 9.49%. Can you please explain this in a revised video.
This is because, govt used to contribute 1.16% to our EPS. But now if we go for higher pension government will not contribute that 1.16% on excess amount i.e. above 15000
Hi sir...I'm 30 years old and want to start Pension schemes now. I want to take the moderate risk for investment. Please suggest me the best pension as per present scenario is concern.
If we opt for commuted pension. how is monthly pension recalculated? For e.g If without getting lumpsum commuted pension - my monthly pension calculation is 50000 Rs. if I get 50% lumpsum as commuted, will the monthly calculation of pension be 25000 Rs? (or some different number?)
What happens in case of switch job .. What if someone opts for higher EpS now and diverts their say 20 years of pf to eps and then change job after say 2 years and new employer do not aupport higher eps
I have started service in 1984 and retired in 2018 without any service break. The EPS scheme started in November, 1995. what will be my Number of service ? Will it be counted from 1995 or 1984 ?
I completed 6 years of my employment & my employer already deposits (12%) based on actual base pay in thier PF trust because my organization is exempted one. Do I still need to opt higher uncapped base salary in unified portal? the last date is 3rd May 2023 for opting it.
Those who retired in May 2014, what is their position?Can they apply?Is it advisable to them to apply?These people paid their contribution as per 5000 and later on 6500.your comments please
I have retired from Bajaj Auto Ltd. in 30th June 2020 & join 28/01/1987, my basic salary was 30,000 at time of retirement. My yearly increment was Rs. 3000. Please advice me. Thanks
Sir recently there was news that pensionable salary will be calculated based on average basic +da salary since the joing of epfo, and not past 60 months. Is this confirmed
1. Can we opt to get pension at 50, even if we are doing job after 50, but decide to stop pension contributon after 50 and infact get pension as well as salary from job
Sir My name is Harish and I am 43 years old. Currenltly I am working for an IT company since 2010, should I opt for new pension scheme. Please suggest. Thank you.
Update-
Commutation of pension has been stopped from 26.09.2008 from EPFO.
Very well explained with clarity..just wanted to add, EPFO in it's circular dated 20 feb 2023 said that formula for computation of pension shall be followed in subsequent circular.. So we can't even calculate the pension on the basis of earlier formula as u explained
बहोत खूब सुरत तरीके से समझाया है. बहोत धन्यवाद.
Very nice simply cleared, if service more than 15 yrs don’t opt and if service 3-5 yrs then opt
useful video.
takeaway from video
1. Not recommended for longer service pending 15 to 20 years due to long calculation and Govt vision may change in between.
2. EPS-95 Tracking and passbook not available so no visibility on current EPS-95 deduction
3. Govt EPFO if goes in loss then it will be risk.
Pensionable service can add previous employer if we close that EPF account past before joining to present employer
It is also applicable for PSU employees. They are treated as non govt employees only. And PSU employees get DA.
Please correct the formula Pensionable Salary = Basic + Deductions & Additions (at 7:08)
It is current showing minus sign, it changes entire formula
Please clarify the scheme for people whose remaining service is within 10 to 15 years.
You clarified in the video for people 15 years of service left
What about the new employees who started career after 1st sept 2014? Or going to start in future? What should they do? Do they have any option and how does this work for them? Please answer. Thank you.
Kya koi approval epfo ki site me pending ho to hum higher pension ka option k lite form Nabi fill Kar sakte
Your eps 95 pension calculation is different & pfo office is calculating differently.Could you tell me how much I should get in 16 years service.
What about those government employees who don't have a pensionable job. But still some part of EPF contribution is pension? What will be effect on such employee?
Kya abhi Higher pension ke anusar contribution kar dete government policy change hoti h to to hum kya hume lumsum ka offer bhi mil sakta h ya pura amount jaise abhi milta h mil sakta h.?
Pension will be calculated in two part ,one part from service join date to 2014 and other from 2014 to retirement(58 yrs) and personable salery will be taken 12 months and 60 months avg salary respectively
An employee got age of 58 years in end of December 2018 but actually superannuated in end of December 2020. Now the question is that how pention will calculate ie last 60 months salary from 2014 to 2018 or 2016 to 2020. Plz clear, how pention calculation will be done.
Sir EPS Start huwa 1995 our 2023 Tak 28 years too 33 year kaise cuont karna, Vaise Mera service 1983 to 2018=35 years Eseka kitna years Lena.
Please explain if any person retired on,6jun 2018 their basic salary Rs 14500 joint opt can fill or not with calculation
2021 Mai retirement huwe hai tho kkya uhne ye form bharna chahiye kya sir
Whar are the other options if we don't opt for higher pension?
I am going to complete 35 years of service when I will turn 58 years of age. I am member of EPS from March 1995, will my years of service be calculated from 1995 or from my date of service start where my pf deduction started.
What is total pensionable service? Is it total service or only years of higher contribution to EPS?
Do you have any video which can explain to take decision on if we should opt for 12% deduction or 1800 per month in PF for people who are in 10+ years in job.
an private employee superannuated 2016 in org X getting his pension and joined other privte org "Y "but still holds good amount blnce in EPF can they opt POHW with the current employee Y.but his data to upload is not with current employee as he joined from 2017
Is it possible increament in pension under eps95 without opting for higher pension in epfo.
How to apply Widow in joint option ?Please suggest
an employee worked in private org for 20 yrs and superannuated in 2016 still working now paying only EPF and he had not submitted joint option and all his service EPS paid on statutory limit can thy opt POHW.
I transferred my pf from old company to new company, and my DOJ in PF is showing new company joining date. So my total service will impact. How can I resolve this?
Sir mool batan badhana ki umed h
सर मेरा डेड साल कें बाद रिटायरमेंट हे तो इसमे में apply kar sakti hu kya
Retired 2019 from eps,eps will give 4 years interest on higher pension if I choose option.?
I retired in August 2022 and did not withdraw any PF till date,in my case what is the option, please inform
Sir,
Muje 60 sale pure hogaye AP government ne 62 sale ka retirement fix Kiya, epfo ke rule ke Anusara pension ka age 58 year hi tho muje 58 sale se pension mileage ya nahi.
Please muje Batavia sir.
Namaste. Thanks.
If one person switched to a job having less Basic in last few years then the averagev calculations of basic will remain same?
video very clear n nice presentstion. I need one clarification that pensioner who has retired in 2013 n have not given any option earlier is now eligible to apply for higher pension or not. Thanks
Thank you very much for sharing this information in simple words
How many minimum no. of years service required for eligiblity of higher pension scheme??
Is it compulsory to do service upto 58 years of age for getting higher pension??
I am member of EPS from March 1995, from which month the entire contribution of employer will go to EPS? From 2014 or from 1995? We can take decision if we come to know exactly how much amount is going to get transferred, how can we find that
If I opt for higher pension. Will my all PF amount go to FPS?
Bhai this is last 60 months, basic+da to be considered for calculation of pension
Not only basic pay
Higher pension employer contribution 9.49% but what about employees contribution?
Now I am 62 years old. Can I opt for NEW pension, still I have not opted for pension, I am also working. Now what i am getting salary for that basic is taken or at the end of 60 years what I had it will be taken. Pls provide clarification
Thank you for the video. It is very clear now.
Vrs (voluntary retired person ) are eligible for higher pension scheam or not
I had opt in in april-may 2023. My case is in process at epfo office due to missing documents from my employer. Can i now raise request for opt out ??
Correction 2:11, Employer fund percent u exchanged. Pension amount is always less.
Hello,
What is stated in the video is absolutely correct.
Of the 12% of the employer’s contribution, 8.33% of the salary is directed to the EPS account and 3.67% of the salary is directed to the EPF scheme. On the other hand, 12% of the employee’s contribution is directed solely to the EPF Account.
We hope we are able to clear up your confusion. Thank you.
The contribution made to EPS from EPF is not returnable to the subscribers nor to legal heirs. A huge amount may be lost even if the pension is sufficient to recover the contribution amount. If we keep the contribution amount in Deposit we can earn interest and return of deposit
A very balanced analysis - one of the best I have seen here so far. Thank you.
Sir 13 sale bacha hai to high pansion khol ne sahi hoga?
sir, my remaining service if of 8 years in PSU. What can you guide ?
Very well explaned sir. Thank you very much. I have one question. If I am working from 1995 and getting salary more then 15000 from 1995 . From which date Govt will take fund from my EPF account to EPS if I opt higher pension. Kindly answer.
If one has 10- 12 yrs of service for retirement, higher pension option is good or not?
If I leave job early say 52 yrs. Is it possible to defer and start pension at 58 yrs (to get full pension)?
Remember Govt can apply any amendment on this issue,that may be early or later ,another question is still now EPFO is still showing indifferent and stoic attitude no repurcation on it,therefore I think every elligible person reconcile it from every corner of merit & demerits side of it,otherwise huge financial loss may be occured.
Sir apne muje mere Maths Teacher ki yad dila di.....
Sir , the employees of Govt Companies (Corporations) are also the members of EPFO
Valuable information sir. Thank you. My query is:-If employee under Autonomous body of government getting 70000/-salary, should he opt for higher pension. He has 13-14 years of service period left..
Sir,namaste
You did explain the topics very easily which is nice to listen. I appreciate your style which was simple. Carry on & obliged
Best session about eps on youtube...very good clarity provided
cleared by scenarios, thanks for that.
Sir, today on 4th May 2023, I have tried to delete my option form which I have filled previously, could not be deleted. After filling UAN Aadhar, DOB etc. correctly, the OTP does not come & error message displayed. Tried 2-3 times, same error message repeated.
Please guide.
What about arrears?? My dad retired in 2018 if we deposit difference then is it possible to get arrears??
Is the option of higher pension still available? 14/05/2023
Most of the UA-camrs have made quite complex videos with Excel calculations sheets on how much money will be transferred to EPS account. These are not easy for layman. Employee share till date is equivalent to 12% contribution + interest till date. For example, if employee balance at present is 12 lakh, contribution required will be 8.33 lakh. Then there is already some contribution done (1250 each month). This can be easily checked from latest slip, ie if employer balance is 10 lakh, it means 2 lakh is already contributed. Hence the net contribution required will be 8.33-2=6.33 lakh.
Nicely , explained but one thing I wish to ask that for pension evaluation actual average salary calculated or capping salary calulated.
I started my career in dec 2015. Am I eligible for this higher pension scheme?
I am a reduced pensioner in the year 2002 at pensionable salary Rs 5000 on 50 yrs of age. Now I am getting pension Rs 927. So, please inform me whether l can apply for higher pension
Sirji, one thing I want to point out here which have bearings on what you have said. At present, EPFO is not considering average of last five year pension able salary in calculating pension, inspire of provision in rules. So practical aspect of this is that EPFO will consider average of basic and da for whole service period and accordingly pension will be calculated which is being done now. As I am one of pensioners retired in year Jan 21. Pl look into.
Smartly EPFO killed the higher pension benifit to pensioners so that very few comes under this category
Sir what about a PSU employee who will retire in 7 years from this date..is this higher pension scheme profitable to him? ?also he is getting da ..so pensionable salary will be basic+da?? Is 2:34 PSU is also treated as private org by epfo??
I have 31 year service left and current basic is 37000 what should i do?
I have retired on 1.6.2022 and my basic was rs 39000.can go for higher pension and how much pension I will get on my basic.
Is it applicable to employee retired before Sept 2014 ?
what if employee changes thier company every now and then because of increament in sslary? In such a case number of service should count full or count as per last employement?
I am retiring in one year in pvt factory and my basic is 26000 present .advise me I have to opt for higher pension or not please help.
How can i apply online it is showing error. After filling the details
Hi Sir My 12 years of service is balance wheather I should opt for EPS 95 pension scheme please advise Thanks
As per revised clarification from EPFO on 3rd May, 2023, the employer's contribution towards EPF will rise from 8.33% to 9.49%. Can you please explain this in a revised video.
This is because, govt used to contribute 1.16% to our EPS. But now if we go for higher pension government will not contribute that 1.16% on excess amount i.e. above 15000
Hi sir...I'm 30 years old and want to start Pension schemes now. I want to take the moderate risk for investment. Please suggest me the best pension as per present scenario is concern.
If we opt for commuted pension. how is monthly pension recalculated? For e.g If without getting lumpsum commuted pension - my monthly pension calculation is 50000 Rs. if I get 50% lumpsum as commuted, will the monthly calculation of pension be 25000 Rs? (or some different number?)
35 years service limit is not written anywhere in EPF document. Please validate through some EPF sites.
I am working in bhel . My service is balance 20 years. Whether we can pot for higer pension or not?
What happens in case of switch job .. What if someone opts for higher EpS now and diverts their say 20 years of pf to eps and then change job after say 2 years and new employer do not aupport higher eps
Hello There - My Dad retired from MSEDCL on 31 Mar 2014 - is he eligible for opting higher pension ?
Very Good Explanation
I have started service in 1984 and retired in 2018 without any service break. The EPS scheme started in November, 1995. what will be my Number of service ? Will it be counted from 1995 or 1984 ?
didn't understand why employees after sept 2014 can't opt for it?
I completed 6 years of my employment & my employer already deposits (12%) based on actual base pay in thier PF trust because my organization is exempted one. Do I still need to opt higher uncapped base salary in unified portal? the last date is 3rd May 2023 for opting it.
Thoroughly explained. Thanks for the video.
Those who retired in May 2014, what is their position?Can they apply?Is it advisable to them to apply?These people paid their contribution as per 5000 and later on 6500.your comments please
Sir, kya hum eps se retirement age se pehle Paisa nikal sakte hai. Aur kya eps par interest milta hai.
I have retired from Bajaj Auto Ltd. in 30th June 2020 & join 28/01/1987, my basic salary was 30,000 at time of retirement. My yearly increment was Rs. 3000.
Please advice me.
Thanks
Sir recently there was news that pensionable salary will be calculated based on average basic +da salary since the joing of epfo, and not past 60 months. Is this confirmed
Jo person 2020 ko retired huye hai , unko badi huyi pension ka arrears milega kya 2023 tak ka.
1. Can we opt to get pension at 50, even if we are doing job after 50, but decide to stop pension contributon after 50 and infact get pension as well as salary from job
Sir my mom is getting pension of Rs 800 as she was working in Pvt Company, her age is 64 should she should fill the form or not, please clarify
Sir
My name is Harish and I am 43 years old. Currenltly I am working for an IT company since 2010, should I opt for new pension scheme. Please suggest. Thank you.
I have 12 years of service left.should i opt for higher pension?
Sir what about 1.16% deducted from employee contribution into EPS
epf joining date is 01/07/2013 still I'm working my basic is 16000 can i opt higher pension or not sir
I am working currently and if I had already withdrawn some portion of my PF amount, will I need to pay that amount, to be eligible for higher pension?
Sir, I need to know how I can correct my uan details . I am getting error of mismatch with aadhar details.when I try to link uan with aadhar