Employees’ Provident Fund Organization (EPFO) has released an Excel utility-based calculator to estimate the dues. Which one has to pay from the remaining amount of his EPF or from his savings, if necessary. Employees can now determine how much contribution they will have to make to get higher pension from the Employees’ Pension Scheme (EPS). 

This is a special facility for the employees from the Employees’ Provident Fund Organization. Which can be used by the employees to know their contribution. EPFO has extended the application deadline for higher pension by 15 days to July 11, 2023.

Know how to download EPFO’s excel calculator for more pension –

• To use this calculator, the employees should know the date of registration of their EPF scheme. On joining the EPF system after November 1995, the employee has to enter the salary amount starting from that date.
• Click on “Pension on higher pay: exercise of combined option under para 11(3) and para 11(4) of the EPS 1995” on or before 11th July, 2023.
• Click on the calculator to estimate arrears of pension on higher pay.
• Read the disclaimer and click ‘Download Calculator’

It has 5 sections which include Salary Entry, Calculation Sheet (Payment to be made by the member), Summary details under various sheets. The actual outstanding amount will be calculated on the basis of records by the concerned Regional Office of EPFO.

How to use EPFO’s Excel calculator?

Before using this calculator, the employees should have access to all their pay checks from the day they joined the EPS scheme. This is so that the employee can enter his monthly salary information manually in the calculator. Do note that as per the EPF laws, basic salary plus any dearness allowance is considered as “Salary” for the purpose of computing monthly contribution to EPS and EPF accounts.

An employee has to manually enter the basic salary data into an Excel calculator using the information from the pay slip. After entering the information, further calculations will be done by the calculator. Along with this, interest will also be calculated through the calculator. 

If there is sufficient balance in the employee’s EPF account, both these amounts will be clubbed and paid into the EPS account. Note that the amount deposited in the EPF account till March 31, 2023 will be calculated by the Excel calculator till the financial year 2022-2023 only. Based on the date of payment, it shows the total amount to be paid till FY 2022-23 as well as the additional amount to be paid for the current financial year (2023-24).

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However, till now the interest for the financial year 2022 is not visible in the subscribers’ account. Let us know its complete information. It has been said on behalf of EPFO ​​that no customer will suffer any loss of interest. He says that interest is being deposited in the accounts of all EPF customers. But, due to software upgrade, it is not visible in the passbook.

Actually, the Employees’ Provident Fund Organization (EPFO) has made e-nomination mandatory for its subscribers. If you do not do this then you will not be able to check your PF balance. With this, the family of the account holder gets social security. EPFO has been continuously issuing alerts regarding this.

E-nomination is mandatory

EPFO is giving the facility of e-nomination to its subscribers to inform the nominee information, after which online information like name of the nominee, date of birth will be updated. EPFO has told its subscribers that the EPF account holder should do e-nomination (EPF / EPS Nomination). By doing this, it helps the nominee / family members to withdraw money related to PF, Pension (EPS) and Insurance (EDLI) in case of death of the account holder. With this, the nominee can easily claim online.

Get a facility of Rs 7 lakh

EPFO members also get the facility of insurance cover under the Employee Deposit Linked Insurance Scheme (EDLI Insurance Cover). A maximum insurance cover of Rs 7 lakh is paid to the nominee in the scheme. If the member dies without any nomination, then there are difficulties in processing the claim. So let’s know how to fill nomination online.

This is how you can do e-nomination in EPF / EPS

• For EPF/EPS nomination, first go to the official website of EPFO ​​https://www.epfindia.gov.in/
• Now here in Services section click on FOR EMPLOYEES and click on Member UAN/Online Service (OCS/OTCP)
• Now a new page will open on that login with UAN and password
• Select E-Nomination under Manage Tab. By doing this, the Provide Details tab will appear on the screen, then click on Save. 
• Now click on Yes for family declaration, then click on Add family details (Here you can add more than one nominee.
• Here click on Nomination Details for total amount share, then click on Save EPF Nomination.
• Now click on E-sign to generate OTP here, now enter OTP on registered mobile number linked in Aadhaar.
• By doing this, your e-nomination gets registered with EPFO. After this you do not need to send any hard copy document.

There can be more than one nominee

Let us tell you that PF account holders can also make more than one nominee. Nomination details have to be given according to how much amount is to be given in this. Apart from this, you should know that the PF account holder can only make his family members as nominees. If there is no family, then there is the freedom to nominate another person, but the nomination of the non-family member is canceled after the family is found. 

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The Union Labor and Employment Minister Bhupendra Yadav launched the Face Authentication Technique facility for pensioners, the Labor Ministry said in a statement. Earlier, the Central Board of Trustees (CBT), the apex body of EPFO, in its 231st meeting gave in-principle approval to the proposal for centralized distribution of pension to further improve EPFO ​​services for pensioners. It said it would be launched in various phases and the modalities would be further developed.

Yadav also introduced Pension and Employee Deposit Linked Insurance Scheme calculator which provides online facility to the pensioner and family members to calculate various benefits of pension and death linked insurance benefits. He also released the training policy of EPFO ​​which aims to develop the officers and employees of EPFO ​​into a competent, responsible and future ready worker. Under the training policy, 14,000 employees will be trained every year for eight days and for this, three percent of the salary budget will be kept.

Yadav also released the legal framework document which aims to make EPFO ​​an efficient and responsible litigant to ensure the conduct of litigation in a coordinated and time bound manner. He also laid the foundation stone of Regional Office Building, Udupi in a virtual program. Bhoomi Pujan was performed locally by Udupi Legislative Assembly MLA K Raghupati Bhat.

The CBT also approved the appointment of Citibank as the custodian of securities of EPFO ​​for a period of three years. A proposal to extend the tenure of the existing security custodian Standard Chartered Bank till the new custodian assumes charge was also approved.

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In this case there is a possibility of loss. Most of the members know the rules like insurance, pension, income tax deduction of Rs 7 lakh under EDLI scheme. But, apart from this, there is also a rule related to loyalty-cum-life benefit. In this benefit, the employee can get a benefit of up to Rs 50,000 at the time of retirement. In fact, all EPF account holders are advised to continue contributing to the same EPF account even after changing jobs.

Also, they can avail loyalty-cum-life benefits after contributing to the same account for 20 consecutive years. According to EPFO ​​expert Bhanu Pratap Sharma, the CBDT has recommended to extend the benefit of loyalty-cum-life benefit to account holders who have contributed to their EPF account for 20 years.

The Central Government has approved it. This means if one qualifies then he/she will get an additional benefit of Rs.50,000/-. Under the loyalty-cum-life benefit, people with a basic salary of up to Rs 5,000 will get a benefit of Rs 30,000. Those whose basic salary is between Rs 5,001 to Rs 10,000, they will get a benefit of Rs. The best way to avail this is to keep the EPFO ​​account open even if the EPFO ​​member changes jobs.

For this you have to inform your old employer and current employer. It is advisable not to withdraw PF during work. Retirement fund members may suffer losses including income tax. He also had pension benefits and loss of loyalty.

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