Higher pension scheme Detail calculation|Should you opt for HIGHER PENSION|EPS 95|EPFO

#theartofwealthbuilding #eps95pension
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The Employees’ Provident Fund Organisation (EPFO) has allowed its subscribers to opt for a higher pension amount by increasing their contribution towards the Employees’ Pension Scheme (EPS)
About Bhaven, a Certified financial planner
Bhaven, CFP is the founder of The Art of Wealth Building, a financial planning firm that helps professionals make mindful decisions with their money and strategically use their incomes to achieve financial freedom.
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[@TheArtOfWealthBuilding]

✅To Consult Bhaven, CFP for your personal financial planning, click on the below link wa.me/919004789500?text=consultation%20details ✅ Or WhatsApp on - 9004789500

[@imranshaikh-fx4fs]

👍

[@njmehta1882]

​@@imranshaikh-fx4fs 😅😅😅😅😅😅😅😅😅😅😅

[@stuartjames1862]

I admire the financial independence of people, But you can live better if you work a little more. After watching this I think there are people out there, on the extreme, who plan to die early just to be able to retire early. To each their own but to me retirement isn't just about not having to work, it's about having the freedom to do whatever you might reasonably want, such as travel, buying things, enjoying life, etc. I don't think I could retire with less than $3m in income-generating investments, maybe $2m at the very minimum. I plan to work until I'm at least 45

[@danieljamal3709]

Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving

[@helenoliver4838]

Having an investment adviser is the best way to go about the market right now, especially for near-retirees, I've been in touch with a coach for a while now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I netted over $220K during this dip, that made it clear there's more to the market that we avg joes don't know

[@stuartjames1862]

Who’s the person guiding you

[@helenoliver4838]

credits to *MARTHA ALONSO HARA* , one of the best portfolio managers out there. she's well known, you should look her up

[@stuartjames1862]

Thank you, I just checked her out and I have sent her an email. I hope she gets back to me soon.

[@keyurpatel3145]

Very good teaching skill… best than other video

[@tksingh5052]

The formula to calculate monthly pension is (pensionable salary x pensionable service)/70 is applied for employee who joined EPS 95 after 1st September 2024 and in that case pensionable salary is equal to last 60 months average salary but for any employee who joined the EPS before 1st September, the pensionable salary is calculated on pro-rata basis. This is mentioned in EPS rule just below the formula. That means for period before 1st Sept 2014 maximum pensionable is 6500 and after 1st sept 2014 the maximum pensionable salary is 15000. Due to hidden pro-rata clause in calculation of monthly pension of EPS the amount is less than the amount derived from pension formula, there are many examples of this case in our intuition. Can any one comment on the clause pro-rate basis of calculating pensionable salary for higher pension will be affected for the employee who join EPS before 1st Sept 2014.

[@ganeshhegde5668]

Thanks for sharing insights. Could you please share the source link where EPFO says pensionable salary is only 50% of last 60 months average salary should be considered?

[@TheArtOfWealthBuilding]

the source is the economic times, but its the average salary of the last 5 years (not 50%), and in the screen shot for the pension of 1,83,000 rs, i have considered the average salary of the last 5 years and not 50%. as per other new articles and epfo website its average of the last 5 years' salary and not 50% ( please watch at 5.41)

[@mainakmajumder6797]

Higher pension salary would be taxable? Please include the tax part. Thank you

[@shyammittal3570]

Sir please answer some questions - What will happen with corpus after pensioner's death. Will it be refunded to family or not? If a person leaves his job in between, he will get his accumulate money or not? Is there a potential risk of policy change in case of Govt turnover.

[@BiswajitRoy-vc3kl]

Basic 60000/-doj-july90doexit-1.1 27.approximate pension koto hobe,r koto dite hobe, please calculation kore approximate koto pension hobe janan.pl.inform formula of higher pension as per my data as noted above.valo thakben.

[@joshibuva1]

Hiw are they going to calculate the pensionable years in srrvice if we have not conteibuted for a few years in between as we were working abroad.

[@sarojkumarmohapatra774]

Good information. I have opted for higher pension. You didn't mention 1.33)percent to be borne by employee.

[@cgsmath5127]

You have considered EPS contribution of 12% of Basic+DA which is wrong. It is 8.33% Then you are considering 50% of average last 5 years basic+da which is 100% in EPFO website formula for higher pension calculations Please clarify If I am at age of 54 years and having a basic of 307000/pm presently

[@dineshprasad7859]

Me 58 years ki service pura karne ja Raha hu aur mera 60 months ki avarage salary 90K hai,Mujhe Higher option Lena chahiye??

[@unknowninsaaaan]

Sir papa 2020 m retired ho gaye toh kya m apply kar skte h ?

[@shivkumarshukla2077]

Aapka vdo achha laga lakin ek bar aur aapse clear karna chahte hain ki new higher pention me kya d.a.nahi lagega jo hamari pention badh sake

[@AnkitGupta-bq3gj]

Does it impact our In-Hand Salary anyhow?

[@VinodKumar_11]

Bhavinbhai, i am following ur youtube from apprx 24 months & always find informative. Is vedio ke manlo mere pass 2 raste hai to koin sa opt karna chahiye 1. Agar man last 5 years at the time of retirement decrease ho gaya to ? 2. Agar man lo due to layoffs or CRS to 58 years ke bad kya hoga ?

[@binaraval8662]

I retired on1.12.22. Should I go for higher pension?

[@niranjankulkarni7040]

It's not 100% which will go to EPS, it is only 8.33% of employer contribution of pensionable salary.. (1250 is 8.33% of 15000) the rest 3.67% will still go to employer's contribution account

[@TheArtOfWealthBuilding]

Thank you for watching the video If we consider 8.33%, it is even better because the total amount accumulated in epf will be 3.3 cr And eps contribution will be - 68.64 lakh approx. But the pension would still remain the same -183000 because in the formula for calculation of pension no. of years of contribution is considered but the amount of contribution does not matter. Please feel free to post your questions if any 😊

[@amazingavia2888]

9.49 % ho gya h ab

[@Bhojpuriyainqatar]

Sir my father retier at age 58 on 30/06/2020 total service 33yrs how much pension he wikl get

[@balajij2704]

Sir, I think only 8.33 % of Employer contribution is for EPS

[@TheArtOfWealthBuilding]

Hi Thank you for watching the video If we consider 8.33%, it is even better because the total amount accumulated in epf will be 3.3 cr And eps contribution will be - 68.64 lakh approx. But the pension would still remain the same -183000 because in the formula for calculation of pension no. of years of contribution is considered but the amount of contribution does not matter. Please feel free to post your questions if any 😊

[@ashutoshagrawal2911]

Yes. ,% of contribution will be 9.49%towards EPS.

[@jeetendrasinghchauhan3725]

👍very good Sir......

[@vijayamangaokar2439]

If you don’t opt higher pension then above calculation is not mentioning pension amount. You mentioned pension amount only after higher pension opted

[@neerajsingh5974]

Sir 1994 ko jis worker ne apne 10 saal pure kr liye usko pension lag skti hai

[@sreejithns511]

Tnx sir

[@rajshashwat]

मैं October 2021 में रिटायर हुआ था। पेंशनबल सैलरी 1480 रूपए है। 28 साल नौकरी की है। पेंशन 3900 रूपए मिलती है। हायर पेंशन में कितनी पेंशन मिलेगी। मुझे कितने रुपए जमा करने होंगे। मैंने रियारमेंट के कुछ दिन बाद पीएफ की रकम निकाल ली थी. कृपया कोई मदद करें। क्या करना चाहिए।'

[@vikrantsagar8904]

Sir ji agar kisi ki salary 804*26=20904 h to us ko kya meliga

[@user-dk3yz7mp8x]

Sir plz vedio about NPS

[@I_agree_with_you]

Good analysis

[@VamsiKrishna-gm1cf]

sir present my age 32 years now on words i have 28 years service is it good to apply for higher pencion. i got job 2012 plz reply

[@khushijain1428]

What if a women is getting pension because of her contribution to EPS during her employment...will the widower receive 50% of his wife's pension after she dies?

[@techtalkcorner5405]

Nice info

[@TheArtOfWealthBuilding]

✔️❤️

[@kcspp2002]

Retirement date bhi to batao. Jo retire ho chuke hain????

[@vgup5965]

I am already retired. Should I opt for higher pension

[@kokkulamahesh8]

Yes

[@joskalpur]

The formula for pension calculation is average salary for the last 60 months multiplied by the number of years of service after the year 1995 divided by 70. Earlier the average of 12 months salary was considered. After actuarial valuation showed the EPS fund has deficit, they have changed the formula from 12 months average to 60 months average. This is as per the circular issued by the EPFO. For service of above 20 years, 2 years additional service is considered. Kindly confirm

[@TheArtOfWealthBuilding]

You are right

[@prasadkanupuru5282]

😅

[@kumbman]

It is not 50% of Salary x No. of years in EPS divided by 70. It is Average salary of last 60 months x No. of years in EPS divided by 70. Please correct your presentation

[@TheArtOfWealthBuilding]

the source is the economic times, but its the average salary of the last 5 years (not 50%), and in the screen shot for the pension of 1,83,000 rs, i have considered the average salary of the last 5 years and not 50%. as per other new articles and epfo website its average of the last 5 years' salary and not 50% ( please watch at 5.41)

[@sudhansuranjanmohapatra6429]

Totally agree Sir.

[@nagnathsonkavday779]

Higher pension July 2023 मे definitely मिलेगा ना।

[@snayyar1000]

Its not 50% of last 60 mnths avg salary. Its full 60 mnths salary..

[@TheArtOfWealthBuilding]

The source is economic times, but it's the average salary of the last 5 years (not 50%), and in the screenshot for the pension of 1,83,000 rs, I have considered the average salary of the last 5 years and not 50%. as per other new articles and epfo website, it is the average for the last 5 years' salary and not 50% (please watch at 5.41)

[@sudhansuranjanmohapatra6429]

I want confirmation of this

[@rajanheeralal7314]

What will happen to my corpus in eps account after my death

[@sushillawacademy]

Esse koi idea hi nhi ess scheme kaa...

[@urmeshkumarrana4859]

Wrong formula mention for higher pension

[@TheArtOfWealthBuilding]

the source is the economic times, but its the average salary of the last 5 years (not 50%), and in the screen shot for the pension of 1,83,000 rs, i have considered the average salary of the last 5 years and not 50%. as per other new articles and epfo website its average of the last 5 years' salary and not 50% ( please watch at 5.41)

[@ankuragrawal5023]

@@TheArtOfWealthBuilding ok

[@DeepakKumar-pc5xf]

Pension will be Taxable. Hence don't go for higher pension scheme

[@rubensen2001]

Wrong formula shown for calculation of pension.

[@TheArtOfWealthBuilding]

Screen shot is wrong ,formula use in the screen shot (excel )is right

[@Rameshvaghela-o7c]

After death ...Aaj kal koi pata nahi

[@69silkworm]

Why EPS then, if the deficit is going to be burden in future? The service class is more financially aware now compared to last 20-25 years. EPFO should return the whole corpus in lumpsum to the member at his/her retirement with condition that the member will invest his/her accumulated corpus in Govt. bond or any postal schemes run by GoI for a minimum of 5 years. The premium(corpus amount) will be paid directly by EPFO for the bond/scheme the member chooses.

[@mrkejsumit]

Bcoz government wants all your money to buy MLA. Also who cares about future..this money will go to govt and their frnds.

[@ankuragrawal5023]

जो आपने बोनस

[@mdamjed1715]

Falthu me figar bathasko nakko rulaaw zendageme ny dekhey hamko milesarkaa khaabhi ny aaya lack dawn huwe company coopbank tho 124000 miley kharja me bemaare me gaya 2002me jabse4sal deekh korakhengey sooncha jaanbachaneko kharch karnahipada ladka lsdkiyoome jhagda huwa bastke denahi pada asjthak kabhi 10000se14000nymile naadekhahay serf sunre asnewalehay coopunion umarani vadantha chunnubegum

[@tanayvijay4556]

So confusing