Key Points
Employees can now calculate the money they have to pay now to receive a higher pension from the Employees Pension Scheme (EPS)..
The Employees Provident Fund Organisation (EPFO) has released the Excel utility-based calculator to estimate dues that one has to pay either from their EPF balance or their own savings if required...
However, for those opting for a higher EPS pension, an additional 1.16% of the actual basic salary above the wage ceiling (currently Rs 15000) amount will go to the EPS account..
However, after this SC judgement, to be eligible for a higher EPS pension, employees are also required to contribute to EPS at a higher rate on the basis of their actual salary not only in future but also for past missing contributions along with accrued interest at the historical EPF interest rate...
Now with this calculator and their past EPF/EPS statements, they would be able to calculate this amount which will help them in taking an informed decision about higher pension applications...
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