EPS Higher Pension Calculator: An Excel utility-based calculator has been released to estimate the arrears. Employees can now determine how much contribution they will have to make to get a higher pension from the Employees’ Pension Scheme (EPS).
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).
