Employees Pension Scheme (EPS) members can now calculate the amount to be paid to get higher pension. Because, Employees’ Provident Fund Organization (EPFO) has released an Excel utility based calculator to estimate the outstanding amount. With the help of this, the member will be able to know that if required, he will make additional payment from EPF balance or from his savings.

The last date to apply for higher pension is today i.e. June 26, 2023. However, the employees opting for higher pension were not sure as to how they would have to pay in order to become eligible for higher pension. EPFO has now launched the calculator (EPFO Pension Calculator) to make it easier for the employees to calculate the payment.

How to download EPFO ​​Excel calculator?

Any employee can get this calculator from the member service portal of EPFO ​​by clicking on the pension application link. The calculator is available on the Portal at ‘Important Link’.

How to use excel calculator for higher pension?

The date of joining the Employees’ Provident Fund (EPF) scheme should be known to the employee to use this calculator. An employee has to enter the wage amount at the time of joining the EPF scheme or from the date of November 1995, whichever is later.

The employee will have to enter the salary details till the date of retirement or till February 2023. Once all the salaries are entered in the data sheet, it will calculate the additional EPS contribution that the EPS members will have to pay. Along with this, the Excel utility will also calculate the interest rate till March 31. The third tab in the excel calculator shows the summary of the total amount that will be transferred from EPF account to EPS account along with interest.

The government had issued a notification on 3 May 2023 that an additional contribution of 1.16% would be taken from the employer’s contribution to the EPF account. Under the EPF scheme laws, both the employee and the employer contribute 12% of the basic salary to the EPF account. 12% of the employee’s share goes to the EPF account. Whereas, out of 12% employer’s share, 8.33% goes to the EPS account and the remaining 3.67% goes to the EPF account.

The post EPFO Pension Calculator: EPFO launches calculator for higher eps pension additional contribution first appeared on Rightsofemployees.com.

The Ministry of Labor said, it has been decided to take an additional contribution of 1.16 percent out of the total 12 percent contribution of the employers in the provident fund.

At present, the government pays 1.16 per cent of the basic salary up to Rs 15,000 as subsidy for contribution to the Employees’ Pension Scheme (EPS). This provision is retrospective as per the orders given by the Supreme Court, that is, it is applicable from the previous date. Meaning, this provision will come into effect from September 1, 2014, which is the cut-off date as per the Supreme Court order, i.e. employer’s contribution of 12% plus 1.16% will be deducted from the employee’s PF fund retrospectively.

So far more than 12 lakh applications have been received, if you also want that after retirement you get more pension every month, then you can opt for EPS-95. For this, you have to apply on the Integrated Member Portal of EPFO. EPFO has so far received more than 12 lakh applications for higher pension. This number is equivalent to 35 per cent of the total eligible employees.

How to Apply Online

First of all you have to e-Sewa portal – https//unified portal-mem.epfindia.

gov.in/memberinterface/. Here you have to click on Pension on Higher Salary.
A new page will open where 2 options will appear. The second option in this is to apply for the combined option. Select the option below here.
After this you will see a new home page. Here you have to enter your UAN, Aadhaar number, date of birth, mobile number and captcha code by clicking on the option on the left side.
After filling the form, OTP option will appear below, click on it. An OTP will come on your mobile number. Submit it after verifying it.

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The post EPFO Update: This is how EPFO clear the confusion of contribution to increase pension first appeared on Rightsofemployees.com.