The EPFO has introduced a calculator to figure out greater pensions. This makes it simple for employees applying for increased pensions to determine how much more they need to contribute. This report includes instructions on how to download it.
The calculator for employees requesting increased pensions under EPS has been made available by EPFO. This makes it simple for them to determine how much money they need to deposit to receive more pension.
Let me tell you that since then, EPFO has received requests for further pension applications. Since then, the employees have struggled with how much money to contribute in addition to their regular contributions to receive greater pensions.
How to download EPFO’s higher pension calculator?
>> To do this, log in to EPFO's member service portal.
>> Then need to click on the link for the pension application.
>> The calculator can be found under Important Links.
How to use EPFO calculator?
To utilize this calculator, the employee's joining date with EPF must be known. The employee will then need to write their salary amount. since he became a part of this plan. If you joined EPS before November 1995, you must include your salary starting November 1995.
Tell me, you must provide your wage information by February 2023 or, if you retire sooner, by the earlier of the two dates. The sum will be displayed in front of you once you have completed all the information.
On May 3, 2023, the government announced that it would deduct an additional 1.16 percent from the employer's portion to fund a greater pension. The EPF law mandates that the employer and the employee contribute 12–14% of the wage to the EPF account. The employee's share that goes to the EPF account is 12 percent. The EPS account receives 8.33% of the employer's 13% contribution (subject to salary ceilings), while the EPF account receives the remaining 3.67%.