Key Points
As the employees are opting for a higher pension now, they are required to pay the difference between the amount already deducted towards EPS and the higher deduction on the basis of actual salary since it exceeded the wage ceiling limit or from the date of joining the EPS scheme - whichever is later...
Since 8.33% of the prevailing wage ceiling of Rs 6500 would have already been contributed, therefore, once the wage details are entered, it will show the additional contributions and accrued interest till March 31, 2023, that is payable in the EPS account...
Once the wage details are entered, based on the actual salary and wage ceiling limit as applicable, the Excel calculator will automatically calculate the missing contribution amount due and accrued interest at the historical EPF interest rate...
Do note that in 2014 the EPFO demanded that employees opting for the higher pension should pay an additional contribution of 1.16% over and above the wage ceiling level from their own salary..
Based on the wage details manually entered by you, the Excel calculator automatically calculates the additional 1.16% contribution that will be taken from the EPF account to the EPS account...
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Higher EPS pension: Extra 1.16% to come from employer's, not employee's contribution; Impact on pension, E
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