Changes to EPFO's Pension Formula : Revamping Superannuation Calculation

Reforms in Pension Calculation for EPFO Covered Employees

[{"selector":"#anim-c7009e88-93b0-4bfb-bb3d-4b34c918cf43","keyframes":[{"offset":0,"transform":"translate3d(0, -329.84128%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.29,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.45,"transform":"translate3d(0, -92.751367936%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.61,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.71,"transform":"translate3d(0, -31.532826368%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.8,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.85,"transform":"translate3d(0, -11.841301952%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.92,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.96,"transform":"translate3d(0, -5.145523967999999%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":1,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"}],"delay":0,"duration":600,"fill":"both"}]

EPFO to announce new pension calculation formula to address concerns

[{"selector":"#anim-331193b9-f0aa-4273-af37-ef783064acbc","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-926ddcc6-7478-40d2-8e6d-e38e54b476be","keyframes":{"transform":["translate3d(0px, 162.31439%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-72b86545-23ce-4130-897e-a8df1470327f [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}]

Balance of EPS and social justice considered in introducing the new calculation formula

[{"selector":"#anim-eb91b70f-032a-47b2-bf56-6349c7f4a137 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-0b38c04c-b229-4ab3-b436-479dc512ab74","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-451b2cf6-70c0-4ac2-b480-f6ffdf8ed385","keyframes":{"transform":["translate3d(0px, 141.39853%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Possibility of at least 25% reduction in high pension under the new calculation

[{"selector":"#anim-5d77f71f-77a2-43b4-a1e2-45fb873d73d5 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-67fadbc9-ec21-4ab0-89ca-78fa5b2772fc","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-165b5697-4ff1-4bc3-bac1-2e2e1ec20d2d","keyframes":{"transform":["translate3d(0px, 161.85357%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Retirement before September 1, 2014, uses the last 12 months' average salary

[{"selector":"#anim-127e4b14-634d-4151-ae6a-910f50e030cc [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(28.882618065900427%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-1d218769-c1cc-440f-9c8f-0637aa7441dc","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d3a2fb4d-ac47-44ba-9b55-b5b596bdb63c","keyframes":{"transform":["translate3d(0px, 168.76600%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-26a6d901-c07a-4e54-8160-71d928981d89","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-95bf3dba-48f2-47f3-bba0-e3c0398f5136","keyframes":{"transform":["translate3d(0px, 491.89630%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Retirement after September 1, 2014, uses the last 60 months' average salary

[{"selector":"#anim-012f4048-7d5e-4c01-8ba3-2a3d559fc09e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-c69c4b5b-a061-4f28-979c-b3b84a2b9c0d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-331507aa-e143-482c-913b-35553907a817","keyframes":{"transform":["translate3d(0px, 168.76600%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fef450c9-1357-4320-9b58-d803177fea5a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a581787a-2789-4d67-b898-7f349a9102be","keyframes":{"transform":["translate3d(0px, 491.89630%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Debate regarding a special formula for higher pension beyond the maximum salary limit

[{"selector":"#anim-f42e5137-6ce7-4300-9af0-ad6440f84074 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-bcc56654-3196-45a9-bcce-e907c49bd3a2","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-094f19a8-f935-45c7-a9dd-82d18ba5d8a5","keyframes":{"transform":["translate3d(0px, 151.05104%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Committees appointed by EPFO to draft bills for EPFS, EPS, and EDLIS, with minor changes expected

[{"selector":"#anim-1779e802-71df-4dd7-9c3e-c9d8c0ab9207 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-80b4dd37-e79f-4128-964e-412ab6e92616","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-08843776-02ab-498b-a977-dd3f756ca1fc","keyframes":{"transform":["translate3d(0px, 148.73442%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Maximizing returns exploring VPF and PPF for salaried employees

[{"selector":"#anim-391a177f-61d0-4b7c-ba8f-b54e2f70e4ed","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0b84be23-4612-4462-bc5d-6743588915ba","keyframes":{"transform":["translate3d(0px, 168.76600%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-93105b0a-a786-45f1-8dca-7a53e1bfb69a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a550e21e-9a85-4f4d-9ab3-4354ce52999e","keyframes":{"transform":["translate3d(0px, 989.09871%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn more