A calculator has been launched by EPFO to calculate higher pension. With the help of this, employees applying for higher pension can easily calculate how much additional contribution they have to make for higher pension. In this report, we have told how you can download it.
EPFO has released the calculator for the employees applying for higher pension under EPS. With the help of this, they can easily calculate how much more money they have to deposit to get more pension.
Let me tell you, ever since applications for more pension have been sought from EPFO. Since then there was a dilemma among the employees as to how much amount they have to deposit in addition to their contribution for higher pension.
How to download EPFO’s higher pension calculator?
- For this, one has to login to the member service portal of EPFO.
- Then have to go to the pension application link.
- You will find the calculator in Important Links.
How to use EPFO calculator?
To use this calculator, the employee must know the date of joining EPF. After this, the employee will have to write the amount of salary. Ever since he has joined this scheme. If you had joined EPS before November 1995, then you have to write the salary for November 1995 and onwards.
Tell me, salary information will have to be given in February 2023 or your retirement, whichever date is earlier. As soon as you fill all the information, how much extra you have to contribute, the amount will appear in front of you.
In the notification issued by the government on May 3, 2023, it was said that an additional contribution of 1.16 percent for higher pension would be taken from the employer’s share. According to the EPF law, 12-12 percent of the salary has to be contributed by the employer and the employee in the EPF account. 12 percent of the employee’s share goes to the EPF account. Of the 12 per cent employer’s share, 8.33 per cent goes to the EPS account (subject to salary ceiling) and the remaining 3.67 per cent goes to the EPF account.
