A calculator has been launched by EPFO to calculate higher pensions. With the assistance of this, workers making use of a higher pension can easily calculate how much extra contribution they need to make for an increased pension. In this report, now we have informed how one can download it.
EPFO has launched a calculator for employees making use of increased pensions below EPS. With the assistance of this, they’ll simply calculate how far more cash they need to deposit to get an extra pension.
Let me let you know, ever since functions for an extra pension have been sought from EPFO. Since then there was a dilemma among the workers as to how much quantity they need to deposit along with their contribution for higher pension.
How to download EPFO’s higher pension calculator?
- For this, one has to log in to the member service portal of EPFO.
- Then have to go to the pension application link.
- You will discover the calculator in Important Links.
How to use the EPFO calculator?
To use this calculator, the employee should know the date of becoming a member of EPF. After this, the worker must write the quantity of salary. Ever since he joined this scheme. If you joined EPS earlier than November 1995, then you must write the salary for November 1995 and onwards.
Tell me, salary info must be given in February 2023 or your retirement, whichever date is earlier. As soon as you fill all the knowledge, how much further you must contribute, the quantity will seem in entrance of you.
In the notification issued by the government on May 3, 2023, it was stated that an additional contribution of 1.16 % for an increased pension would be taken from the employer’s share. According to the EPF legislation, 12-12 p.c of the salary has to be contributed by the employer and the employee in the EPF account. 12 p.c of the employee’s share goes to the EPF account. Of the 12 per cent employer’s share, 8.33 %t goes to the EPS account (subject to salary ceiling) and the remaining 3.67% goes to the EPF account.