EPFO Higher EPS Pension Calculator:- In a recent circular, the retirement fund body, The Employees Provident Fund Organisation (EPFO) has specified how the higher pension will be calculated for employees opting for a high pension, based on actual salary under Employees Pension Scheme (EPS). The Employees’ Provident Fund Organisation (EPFO) has launched the Excel utility-based calculator to estimate the dues you must pay from your EPF balance if you opt for a higher pension from the Employees’ Pension Scheme (EPS).
As per the circular, the formula for the calculation of higher pension will be different for those who retired before September 1st, 2014, and those who retired after this date. One must note that the last date to apply for a higher pension under the employee’s Pension Scheme (EPS) is 11th July 2023. You will get the calculator on the EPFO Member Sewa portal.
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What is EPFO Higher EPS Pension Calculator ?
The newly launched calculator will be telling the details regarding the amount to be paid month-on-month from November-December 1995 till February-March 2023. It will be helpful to both, those who have applied and who are still confused about whether to opt for a higher pension or not. People will be able to know how much will be transferred from their EPF to their EPS account. With the help of the calculator, residents will be able to take the right decision. The recently launched calculator will be made available on the Member Sewa portal of the EPFO. The last date to apply for a higher EPS pension is also extended from 3 May 2023 to 26 June 2023 to 11 July 2023.
Old Pension Scheme vs New Pension Scheme
EPFO Higher EPS Pension Calculator Details
| Article Name | EPFO Higher EPS Pension Calculator |
| Launched by | The employees provident fund organisation |
| Objective | Calculation of pension under EPS |
| Last date of application | 11 July ,2023, it is expected that the EPFO will further extend the last date/deadline for higher EPS pension by another three months. |
How to Download EPFO Higher EPS Pension Calculator
Employees can access this calculator from the Member Sewa portal of the EPFO, by clicking on the pension application link. The calculator is available under the Important Links head.
- The calculator is available under the ‘Important links’ section
- Once you click on the pension application link, you will be redirected to a new screen
- Wherein you can download the calculator.
How to Get EPFO Higher EPS Pension Calculator
- Go to the EPFO’s Member UAN/Online official website Service page.
- Click on the link for “Pension on Higher Salary: Exercise of Joint Option under para 11(3) and para 11(4) of EPS-1995 on or before 26th June, 2023”.
- This link is available under the “Important Links” tab on the page.
- Once you click on the above page, it will take you to this page:.https://unifiedportal-mem.epfindia.gov.in/memberInterfacePohw/member Here, under the “Important Links” tab click on “Calculator for estimating due for Pension on Higher Wages” On clicking this link, you will be shown an option to download the Excel-based calculator.
How Does EPFO Higher EPS Pension Calculator Work?
- To use this calculator, an employee needs to know the date of joining the Employees’ Provident Fund (EPF) scheme. An employee needs to enter the wage amount from the date of joining the EPF scheme or November 1995, whichever is later.
- An employee needs to enter the wage details till the date of retirement or till February 2023 – whichever is earlier. Once all the wage data is entered into the sheet, it will calculate the additional EPS co
- ntribution that one has to pay to make up for the shortfall from the date of joining the EPS to the date of retirement/till date, as the case may be.
- Along with this, the excel based utility will calculate the total interest accrued till March 31, 2023, on this missing contribution at the historical EPF interest application for the concerned months. Both these amounts will be recovered from the employee’s EPF account, provided it has sufficient balance, and transferred to the EPS account.
- The third tab in the Excel calculator shows the summary of the total amount that will be transferred from the EPF account along with the interest to the EPS account. It has the following heads – total wages, difference of contribution, interest and total.
To use this calculator, you need to know the date of joining the Employees’ Provident Fund (EPF) scheme. You need to fill in the amount from joining the EPF scheme.
How Can An EPF Calculator Help You?
Once you start using our PF calculator in India, you can easily track where your hard-earned money is being stored, and how much interest it has accumulated.
Here are some interesting advantages of using an EPF calculator online.
- You do not have to manually calculate your total contributions each time.
- We assure that our PF calculator online works correctly on every occasion.
- You do not have to worry if the interest rates or contribution ratios vary over a period. The will automatically take into account the alteration.
- Finally, whenever you use our , you are automatically informed of any recent transactions, contributions and changes, if any. For example, the current rate of interest on EPF is 8.15%. If it changes during the financial year due to any new legislation, you will be notified once you log in.