EPFO: Step-by-step guide on how higher EPS pension calculator works, check details

EPFO higher pension scheme: To help employees estimate how much of their EPF balance they must contribute in order to obtain a higher pension from the Employees' Pension Scheme (EPS), the Employees' Provident Fund Organisation (EPFO) has developed a calculator. The calculator used by EPFO is based on an Excel tool and is very user-friendly.

The calculator will only provide a rough approximation of the amounts, so workers should be aware of this. The real figures will be distributed by the regional PF offices.

The extension of the deadline for qualified employees to apply for higher pensions was recently announced by the EPFO which is July 11. 

So, take a look at how the EPFO calculator functions if you have chosen to receive a higher pension from the EPS.

How to download the EPS pension calculator?
The calculator is available on the EPFO Member Sewa website. The 'Important links' section is where you can find the calculator. You will be taken to a new screen where you can download the calculator after clicking the pension application link. You must know the date you signed up for the Employees' Provident Fund (EPF) programme in order to use this calculator. Now, enter the amount from enrolling in the EPF programme. 

How to use the EPFO higher pension calculator?

1. Enter the wage amount from the employee’s date of EPF enrollment, or November 1995, whichever is later. 
2. Employees must thereafter disclose wage information up until their retirement date or until February 2023, whichever comes first.
3. The calculator will show the remaining monthly EPS amount when you have entered all of the wage information into the sheet.