EPFO Higher EPS Pension Calculator – Direct Link to Download, Excel Sheet

EPFO Higher EPS Pension Calculator – Employees can now determine how much they would have to contribute to the Employees’ Pension Scheme (EPS) in order to get a greater pension. The Employees’ Provident Fund Organisation (EPFO) has made an Excel utility-based calculator available for estimating the number of dues that may need to be paid from one’s EPF balanceor personal savings.

Employees who chose a larger pension were unsure about how much they would need to pay in order to be eligible for a higher pension, even though online applications for a higher EPS pensionwere active for a few weeks. To make it simpler for employees to perform computations, the EPFO has now introduced the EPFO Higher EPS Pension Calculator.

EPFO

What is EPFO Higher EPS Pension Calculator

The Employees’ Provident Fund Organisation (EPFO) has introduced an Excel utility-based calculator to help you determine how much of your EPF balance will need to go towards fees if you choose to participate in the Employees’ Annuity Scheme (EPS) in order to receive a larger annuity. This clarification from the EPFO is very welcome, especially for those who were still debating whether or not to opt for the higher pension amount. The actual amount that will be transferred from the EPF to the EPS account will be determined by this calculation, which will also indicate to the employees whether they need to make any additional payments (including the 1.16% additional employer contribution and the EPFO declared interest).

Having said that, the computation sheet needs the employees to enter their monthly payments going back to when they first joined the EPS Scheme, which again assumes that they have the necessary data available to enter. Getting this information could be difficult and require some administrative help for those who have been in the workforce for a while and are almost ready to retire.

EPF Claim Status

Higher EPS Pension Calculator Details in Highlights

Name EPFO Higher EPS Pension Calculator
Launched by Employees’ Provident Fund Organisation (EPFO)
Objective To estimate the amount of dues that may need to be paid from one’s EPF balance or personal savings
Last date 11th July 2023
Official Website https://unifiedportal-mem.epfindia.gov.in/memberinterface/

Benefits of EPFO Higher EPS Pension Calculator

The EPFO hopes that the calculator would help qualified candidates for higher pensions make educated decisions. On the Members SEWA portal, you can access the link to the computation.

The summary of the total amount that will be moved from the EPF account, along with the interest, to the EPS account is displayed on the third tab of the Excel calculator. Its headings are total wages, contribution difference, interest, and total.

On May 3, 2023, the government announced that an additional 1.16% in payments would be deducted from the employer’s contribution to the EPF account. According to the EPF programme laws, 12% of the basic pay is contributed to the EPF account by both the employee and the employer. The 12% part of the employee that goes into the EPF account. EPS accounts receive 8.33% of the employer’s 12% contribution (subject to wage ceiling limits), and EPF accounts receive the remaining 3.67%.

However, an additional 1.16% of the real basic pay above the wage cap (currently Rs. 15000) amount would be contributed to the EPS account for individuals choosing a larger EPS pension. As a result, the employer’s contribution will contribute a total of 9.49% of the basic pay above Rs. 15000 to the EPS account for the higher pension. This indicates that an 8.33% payment would be made to the EPS account up to the Rs 15,000 wage maximum. The EPS account will receive 9.49% of any wages over Rs 15,000 (let’s say Rs 25,000), or Rs 10,000 (Rs 25,000 minus Rs 15,000.

The calculator’s last tab displays a summary of the money that will either be repaid or transferred to or from the EPF account.

EPF Withdrawal Rules

Where to Access EPFO Higher EPS Pension Calculator?

By selecting the pension application link on the EPFO Member Sewa site , employees can access this calculator. The calculator can be found under the heading for important links.

How to Use EPFO Higher EPS Pension Calculator?

Employees must know the date of their enrollment in the Employees’ Provident Fund (EPF) scheme in order to determine the additional amount for the higher pension. The employee must input the amount of their salary as of either November 1995 or the date they first joined the EPF programme.

Users must provide wage information up until the retirement date or until February 2023, whichever comes first. The sheet will compute the additional EPS contribution that must be made when all wage information has been submitted to make up the difference.

Additionally, it will compute the entire interest accrued on this unpaid contribution through March 31, 2023, using the historical EPF interest application for the relevant months. Additionally, it will display a summary of the total amount that will be transferred from the EPF account to the EPS account, together with interest.

The summary of the total amount that will be moved from the EPF account, along with the interest, to the EPS account is displayed on the third tab of the Excel calculator. Its headings are total wages, contribution difference, interest, and total.

Features of EPFO Higher EPS Pension Calculator

This calculation will determine the precise amount that will be transferred from the EPF to the EPS account, including the 1.16 percent additional employers’ contribution and the interest that the EPFO has declared. Depending on the situation, it will also let the employees know if they need to make any additional payments.The computation sheet asks employees to enter their monthly salaries going back to when they first enrolled in the EPS Scheme, which again assumes that they have the necessary information on hand. Obtaining this information may be difficult for workers who have been with the company for a while and are about to retire, and will require some administrative support.

EPF Interest Rate

Last Date for EPS Pension

The Employees Provident Fund Organisation (EPFO) is rumoured to be planning to push out the deadline for a larger EPS pension by three months. First, the EPFO pushed back the deadline from 3 March to 3 May 2023. It was extended a second time, this time from 3 May 2023 to 26 June 2023. and Now Again, the deadline has been extended to 11th July 2023.

EPFO extends last date to submit options to get pension on higher wages to 11.07.2023#AmritMahotsav #EPFOwithyou #ईपीएफओ #PF #EPFO @PMOIndia @byadavbjp @Rameswar_Teli @LabourMinistry @PIB_India @MIB_India @AmritMahotsav pic.twitter.com/4bAtCs5lxq — EPFO (@socialepfo) June 27, 2023


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