How much pension will you get after 15 years of service? Understand the complete mathematics of EPFO ​​in easy language

If you are also employed, then this question must be coming in your mind that how will a small part of your hard-earned money, which is deducted every month in PF (Provident Fund), become your biggest support in old age. Especially, what will happen after retirement when the salary coming every month stops? Don’t worry, this is where the Pension Scheme (EPS) of EPFO ​​(Employees’ Provident Fund Organization) comes in handy for you. This is a government guaranteed pension that you get every month after retirement, so that you do not depend on anyone and can live your life with dignity. Let us understand in simple language today that if you have worked for 15 years, then how is your pension calculated. How is your pension calculated? EPFO ​​does not calculate the amount of your pension on any estimate, but on the basis of a fixed formula. This formula is very simple: Pension = (Your pensionable salary x Number of years you worked) / 70 Example: How much pension will you get on a job of 15 years and a salary of ₹ 15,000? Let us now understand this formula with an example. You have completed a total of 15 years in the job. So your monthly pension will be calculated like this: (Rs 15,000 x 15 years) / 70. = ₹ 2,25,000 / 70 = ₹ 3,214 per month. According to this, you are sure to get a pension of around ₹ 3,200 to ₹ 3,500 every month after retirement. Now you might be thinking that this amount is not very much. But remember, this is a guaranteed amount that you will get every month for the rest of your life, whether the market goes up or down. This is a great support for small expenses in your old age. Great bonus for those who have worked for more than 20 years! EPFO ​​also gives a special gift to employees who have served for a long time. If you have worked for 20 years or more, then while calculating your pension, a bonus of 2 years is added to your total service. For example: If you have worked for 22 years, then EPFO ​​will consider your service as 24 years. This increases your pension amount even more. Why is this pension important for you? After retirement, when there is no regular source of income, a fixed amount coming every month seems like gold. This pension not only gives you financial security but also makes you self-reliant. You do not have to lend a helping hand to anyone for your needs, and you can spend your old age with peace and dignity. So next time you see EPF/EPS deduction in your salary slip, do not consider it an expense. This is a small investment for your bright and secure future.