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A pension calculator is an online calculator that helps you calculate the amount of pension you will receive from your pension fund after retirement. It depends on age, salary, contributions made, type of pension scheme, and more.
You can use a pension or retirement calculator to see how much money you’ll have in retirement or how much additional income will be ready at your disposal after retirement. You can use Navi’s pension calculator to get financial clarity on how much money you could end up with post retirement.
Using a retirement calculator could be a great way to ensure that you’re saving enough money for retirement. It could also help you determine how much money is needed in order for your pension plan to provide an adequate income stream.
The calculator is designed to calculate the amount of pension you would receive based on your age, salary, income growth rate, savings history, monthly expenses, etc.
Under the Employee Pension scheme, the formula for calculating pension is
Average Salary x Pensionable Service / 70, where
“Average Salary” refers to the average (Basic Salary+DA) over the previous 12 months.
For example, assume that your average salary under EPS is ₹10,000 and the maximum pensionable service is 35 years. Then, the maximum pension becomes ₹5,000 per month.
The number of years worked in the organised sector after November 15, 1995, is referred to as pensionable service. (A different formula will apply to employees hired before November 15, 1995.)
Your company and the government contribute to your pension under EPS. According to the law:
Want to know about pension funds in India? Click here for a complete guide on the types of pension funds, benefits & other implications!
Want to if pension is taxable or not? Click here for a detailed guide on income tax on pension and how it works.
A small amount from salary is added to EPF per month by the employer. Read on to know how to check & claim ETF online.