EPFO Higher EPS Pension Calculator 2025 – Employees can now easily calculate how much they need to contribute to the Employees’ Pension Scheme (EPS) for receiving a higher pension. The Employees’ Provident Fund Organisation (EPFO) has developed a user-friendly Excel utility that helps estimate the dues that might need to be paid from one’s EPF balance or personal savings.
Many employees interested in opting for a bigger pension were uncertain about the necessary contributions to be eligible for a higher pension. In response to this confusion, the EPFO has launched the EPFO Higher EPS Pension Calculator, aimed at simplifying these calculations.
Understanding the EPFO Higher EPS Pension Calculator
The EPFO has introduced an Excel-based calculator to assist employees in determining how much of their EPF balance needs to be allocated as dues if they wish to avail the Employees’ Annuity Scheme (EPS) for a larger retirement benefit. This makes things clearer for those contemplating whether to opt for the higher pension amount. The calculator will show how much will be transferred from the EPF to the EPS account, and if there’s a need for any additional payments, including the 1.16% added employer contribution and the declared EPFO interest.
However, users will need to input their monthly salary details dating back to when they joined the EPS Scheme. This could be a challenge for long-serving employees nearing retirement, as they may require administrative assistance to gather such information.
Key Features of the EPFO Higher EPS Pension Calculator
| Name | EPFO Higher EPS Pension Calculator |
| Launched by | Employees’ Provident Fund Organisation (EPFO) |
| Purpose | To calculate the amount of dues to be paid from one’s EPF balance or savings for a higher pension |
| Current Date | Tentative deadlines available |
| Official Website | Visit Here |
Advantages of Using the EPFO Higher EPS Pension Calculator
The EPFO aims for this calculator to empower employees seeking a higher pension to make informed decisions. Accessible through the Members SEWA portal, users can find the calculation tool link under the important links section.
The calculator summarizes the total amount to be moved from the EPF account, including interest, to the EPS account on the third tab. It delineates total wages, required contribution difference, interest, and total amount.
On May 3, 2024, the Indian government announced that an additional contribution of 1.16% would be deducted from the employer’s EPF contribution. Per the EPF program regulations, both the employee and employer contribute 12% of the basic pay to the EPF account. Of the employer’s 12%, 8.33% goes to the EPS account (capped at a wage limit), and the remaining 3.67% is deposited into the EPF account.
For those selecting a higher EPS pension, an extra 1.16% of basic salary above the wage cap (currently Rs. 15,000) will additionally be directed to the EPS account. Consequently, for employees opting for a larger EPS pension, the employer contributes a total of 9.49% of the basic pay above this cap. To illustrate, on a salary of Rs. 25,000, an extra Rs. 10,000 (Rs. 25,000 minus Rs. 15,000) results in a contribution of 9.49% from the employer towards the EPS.
The final tab of the calculator will provide a summary of any amounts owed or to be transferred between EPF and EPS accounts.
How to Access the EPFO Higher EPS Pension Calculator?
Employees can utilize the calculator by clicking on the pension application link available at the EPFO Member Sewa site under the important links section.
Instructions to Use the EPFO Higher EPS Pension Calculator
To ascertain the extra amount for a higher pension, employees should know when they joined the Employees’ Provident Fund (EPF) scheme. They should enter their salary details from either November 1995 or the date they first enrolled in the EPF.
Users are required to input salary information up till their retirement date or February 2024, whichever comes first. The tool will compute the extra EPS contribution required once all salary details are entered to cover the contributions that were not made.
It will also calculate the total interest accrued on these unpaid contributions up to March 31, 2024, applying the historical EPF interest rates for those months. It will display a consolidated view of the total amount transferred from the EPF account, inclusive of interest to the EPS account.
The summary of transfers will also appear on the third tab, labeled with total wages, contribution difference, interest, and total.
Functional Aspects of EPFO Higher EPS Pension Calculator
This tool calculates the precise amount to transfer from the EPF to the EPS account, incorporating the extra 1.16% employer contribution and declared interest by EPFO. Depending on individual circumstances, it will inform employees if any further payments are necessary. The sheet will prompt employees to enter monthly salaries from the time they began with the EPS scheme, presuming they have access to required information. For employees nearing retirement, this task may demand extra administrative assistance.
Final Deadline for EPS Pension Applications
The EPFO is reportedly considering extending the application deadline for a higher EPS pension. The latest deadline set on July 11, 2024, follows previous extensions; initially from March 3 to May 3, and subsequently from 3 May 2024 to June 26, 2024.
EPFO has extended the deadline for submitting applications for pension based on higher wages to 11.07.2024#AmritMahotsav #EPFOwithyou #ईपीएफओ #PF #EPFO @PMOIndia @byadavbjp @Rameswar_Teli @LabourMinistry @PIB_India @MIB_India @AmritMahotsav pic.twitter.com/4bAtCs5lxq — EPFO (@socialepfo) June 27, 2024