Before the celebration of 75th Independence Day, Employees Provident Fund Organization(EPFO) has officially launched the PF EDLI Pension Calculator in their official website.
By the end of this Article, we will exactly know how to check the benefit under Employees deposit Link Insurance and Pension by using PF EDLI Pension calculator.
Table of Contents
Short Brief About Provident Fund
Provident Fund is a part of social security benefit provided by the Govt. of India under EPF and MP Act, 1952 to the employees of private companies or organization getting salary (Basic+ DA+ Retaining Allowance) not more than INR 15000/-.
Every employee required to contribute a percent of their salary to the Scheme on monthly basis. The employer or company also required to contribute same amount of fund against every eligible employee.
Contribution rate at present for Provident Fund is 12% for the employee of Basic+ DA+ Retaining allowance excluding HRA.
The employer also contribute 12% for their employees to the provident fund scheme. Even the employer contribute 1% more towards EDLI and Admin charges.
Every Provident Fund subscriber has a Universal Account Number (UAN) to access their provident fund account. Using UAN number provident fund member/subscriber can avail the online facilities like balance check, online transfer of claim, submit claim for withdrawal etc. To know more Please click here
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Benefits of Provident Fund
Provident Fund can be considered as a good investment plan. Because the interest rate provided by EPFO on the deposited amount is around 8.5% per annum. Which is more than the Fixed Deposit scheme.
Aside than EPFO provide multiple facilities to its provident Fund subscriber. Few of them shortly mentioned below:
After resignation from job, employee can withdraw the provident fund balance online subject to eligibility.
In case of job change, employee can transfer the provident fund balance online without hassle.
For emergency financial need employee can apply for Non refundable withdrawal to meet the urgency.
After continuous service of 9.6 years employee eligible to get monthly pension after his/her retirement.
In case of death of the provident fund member, the nominee or legal heir is entitled to get monthly pension facilities.
In the event of death of the provident fund member, nominee or legal heir will be eligible to get EDLI benefit subject to eligibility up to 7 lacs.
PF EDLI Pension Calculator
EPFO has launched the EDLI and Pension calculator in their official website just a few days back. Using the calculator you can check the benefit under EDLI and monthly pension details by simply providing few information regarding your employment.
Here is the detail flow chart how you can check the EDLI and Pension benefit in simple steps:
In the dashboard of the website you may get the option for EDLI & Pension calculator under online Services.
Click on the EDLI & Pension Calculator and again click on the same tittle.
You will get the calculator dashboard as below:
You will get 2 option at the Top of the page i.e EDLI Benefit Calculator & Pension Calculator.
Under EDLI Calculator you have to provide 3 input: Date of Death of the Member, Average Progressive Balance and average wages of last 12 month of the deceased provident fund member.
After providing the input click on show Updated Calculation.
Then system will automatically calculate the EDLI eligible benefit to nominee or legal heir in case of death of the provident fund member.
Important point t be noted before EDLI calculation:
The amount showing under the EDLI calculator is just indicative or illustrative in nature. The actual amount may very based on the data available in EPFO.
If the date of death is 05/08/2022 then progressive balance will be calculated from 8/21 to 7/22.
Progressive balance can be calculated from EPF Passbook.
Progressive balance will be the sum of PF balance of employee and Employer along with pension contribution of last 12 month.
Pension Calculator:
Up to point number 5 of EDLI calculator process is similar.
Then click on Pension Calculator.
Provide the Date of Birth and add service details like Date of Joining, Date of Exit, NCP days etc.
After providing details click on Show/Update details.
System will automatically show the date of attaining 58 years, date of attaining 50 years for early pension and the pension starting date with monthly pension amount.
You can opt for Early pension after attaining 50 years but you will get reduced pension.
You can avail the full pension benefit after attaining the age of 58 years.
You can select the pension starting date and provide the pensionable salary and click on Show/Update details.
System will show the Superannuation monthly pension amount.
Important point to be noted before Pension calculation:
Pension calculator only provide illustrative values. The actual pension amount may very and depends on the data available with EPFO.
The pension calculator only works for Employee joined after 16/11/1995. The past data is not available and calculation cannot be done for the employee has joined before 16/11/1995.
The pension calculator provide Superannuation pension and early pension only.
If you have any query regarding PF EDLI Pension Calculator please do comment below.
