How to download EPFO’s Excel calculator for higher EPS pension
The Employees' Provident Fund Organisation (EPFO) has released an Excel utility-based calculator to estimate dues that one must pay from their EPF balance or their own savings if necessary.Employees can now determine how much they must contribute in order to obtain a higher pension from the Employees' Pension Scheme (EPS).
The EPFO higher pension application deadline has been extended by an additional 15 days to July 11, 2023.
How to download EPFO’s Excel calculator for higher pension
Employees must know their EPF plan enrollment date in order to utilise this calculator. If joining the EPF system later than November 1995, the employee must enter the wage amount starting on that date.
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Step 2: Click on “ Pension on Higher Salary: Exercise of Joint Option under Para 11(3) and Para 11(4) of EPS 1995 on or before July 11, 2023.
Step 3: Click on Calculator for estimating due for Pension on Higher Wages
Step 4: Read the disclaimer and click on ‘Download Calculator’
There are 5 sections which contain details of Wage Entry, Calculation sheet (to be paid by member), Summary under different sheets.
According to the EPFO website disclaimer, “The dues calculated through the calculator is a ball park estimate. Actual dues calculated on the basis of records by the concerned Regional Office of EPFO will be authentic.”
How to use EPFO’s Excel calculator
Employees must have ready access to all of their paychecks dating back to the day they joined the EPS scheme before utilising this calculator. This is so that the employee can manually enter his or her monthly wage information into the calculator. According to the EPF laws, the base pay and any dearness allowance are regarded as "salaries" for the purposes of calculating monthly contributions to the EPS and EPF accounts.
Thus, an employee must manually enter basic salary data into the Excel calculator using information from your pay slips. After entering the information, the calculator automatically does additional computations.
Additionally, the excel-based tool will determine the entire interest accrued on this unpaid contribution until March 31, 2023, using the historical EPF interest application for the relevant months. If the employee's EPF account has a sufficient balance, both of these sums will be collected and paid to the EPS account.
The summary of the total amount that will be transferred from the EPF account, along with the interest, to the EPS account is displayed on the third tab of the Excel calculator. Its headings are total wages, difference of contribution, interest and total.
Note that the amount deposited in the EPF account until March 31, 2023, will be calculated by the Excel calculator till FY 2022–2023 only. Depending on the date of the payment, it displays the total amount that must be paid till FY 2022–23 as well as the additional amount that must be paid for the current fiscal year (2023–24). Also, note that depending on the amount placed in the EPS account, the amount due for the current fiscal year may change.
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This story originally appeared on: India Times - Author:Faqs of Insurances
