The Employees’ Provident Fund Organization (EPFO) has introduced a higher EPS (Employee Pension Scheme) pension calculator to assist employees in determining their pension amount. Understanding how this calculator works can help individuals plan their retirement better. Let’s take a closer look at the step-by-step guide to using the higher EPS pension calculator.
Step 1: Accessing the Calculator : To begin, visit the official website of EPFO and navigate to the EPS pension calculator section. This calculator is designed to estimate the pension amount based on various inputs provided by the user.
Step 2: Enter the Required Information: In this step, you need to input certain details into the calculator. These include your date of birth, date of joining the EPF scheme, and the average monthly salary you received during the last 12 months before leaving service.
Step 3: Providing the Pensionable Service Details: Next, you will need to enter the total number of years and months of pensionable service you have completed. Pensionable service refers to the period during which an employee has contributed to the Employee Pension Scheme.
Step 4: Calculating the Pension Amount: Once you have entered all the required information, click on the “Calculate” button. The calculator will process the data and generate an estimate of your monthly pension amount.
Step 5: Understanding the Calculation: The pension amount calculated by the higher EPS pension calculator is based on a formula that takes into account your average monthly salary, the number of years of pensionable service, and the pensionable salary ceiling. The pensionable salary ceiling is the maximum limit on the salary that can be considered for calculating the pension. As of now, the ceiling is set at ₹15,000 per month.
Step 6: Analyzing the Results: After the calculation is complete, the higher EPS pension calculator will display the estimated monthly pension amount based on the inputs provided. This amount will help you understand the approximate pension you may receive upon retirement.
Step 7: Seeking Further Assistance: If you have any doubts or require additional information regarding the higher EPS pension calculator, it is advisable to reach out to the EPFO helpline or visit your nearest EPFO office. The officials will guide you through the process and provide clarification on any concerns you may have.
By following this step-by-step guide, individuals can easily utilize the higher EPS pension calculator offered by EPFO to gain insights into their potential pension amount. Planning for retirement becomes more effective when armed with the knowledge of how the calculator works and the estimated benefits it can provide.
