EPFO launches calculator for higher EPS pension additional contribution

Employees can now calculate the money they have to pay to receive a higher pension as the retirement body has released the Excel utility-based calculator to estimate dues that one has to pay.

The last date for higher pension is 26 June, 2023. The retirement fund body has also released a set of FAQs for those who are eligible to apply for higher pension.

Where to find the calculator?

Employee 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.

How to use this calculator?

To find out the additional amount for the higher pension, employees needs to know the date of joining the Employees’ Provident Fund (EPF) scheme.Employee needs to enter the wage amount from the date of joining the EPF scheme or November 1995, whichever is later.

Users needs to enter 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 contribution that one has to pay to make up for the shortfall.

It will also calculate he total interest accrued till March 31, 2023, on this missing contribution at the historical EPF interest application for the concerned months. It will also show the summary of the total amount that will be transferred from the EPF account along with the interest to the EPS account.

According to reports, Employees Provident Fund Organisation (EPFO) is likely to extend the deadline by three months for higher EPS pension. The EPFO first extended deadline from 3 March 2023, to 3 May 2023. The second time it was extended from 3 May 2023 to 26 June 2023.

Those opting for a higher EPS pension, an additional 1.16% of the actual basic salary above the wage ceiling (currently ₹15000) amount will go to the EPS account.

Updated: 26 Jun 2023, 03:35 PM IST