The Employees’ Provident Fund Organisation (EPFO) has launched a calculator to help employees estimate the amount they must pay from their EPF balance in order to receive higher pension from the Employees’ Pension Scheme (EPS). 

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EPFO’s calculator is based on Excel utility and is quite user-friendly.

Employees should keep this in mind that the calculator will only give a ballpark estimate of the amounts. The regional PF offices will share the actual numbers.

The EPFO had recently announced that the extension of the deadline for eligible employees to apply for higher pension. 

According to the provident fund notification, the last date for employees to choose for higher pension from EPS has been raised by 15 days, till July 11.  

So, if you have opted to receive higher pension from the EPS, you should take a look at how the EPFO calculator works.

How to download the EPS pension calculator?

You can access this calculator by visiting EPFO’s Member Sewa portal and clicking on the pension application link.

The calculator is available under the ‘Important links’ section. After clicking on the pension application link, you will be redirected to a new screen wherein you can download the calculator.

How to use this EPS pension calculator?

You need to know the date of joining the EPF scheme in order to use the calculator to find out the additional amount for the higher pension.

Step 1: Employees should first enter the wage amount from the date of joining the EPF scheme or November 1995, whichever is later.

Step 2: Employees then need to provide wage details till their date of retirement or till February 2023, whichever is earlier.

Step 3: After you have entered all the wage data into the sheet, the calculator will provide the additional EPS amount that remains payable for each month.

The calculator will also determine the total interest accrued till March 31, 2023, vis-a-vis the missing contributions and the total amount that you will need to pay including the including the difference in contribution and interest.