Staff Provident Fund Group (EPFO) has recently launched the workers with a brand new calculator under Staff Pension Scheme (EPS) 1995. This calculator helps to estimate the amount of pension an employee will get after retirement. So, we will focus on the all new EPS Calculator 2022 and how you can use it to calculate your pension amount.
EPS Calculator 2022
A document launched by EPFO on how to use a new EPS calculator states, “Proven benefits are on wages as per wage restriction which is Rs.6500/- as on 31-08-2014 and 1500/- onwards. That date.”
The new EPS Calculator 2022 is in the market on the official website of EPFO. However, it is important to give some input to the calculator before using it. Listed below are the inputs that the calculator will ask for.
Start date:
“Member’s age should be 58 years on or after 01-04-2011. So to use this calculator the start date should be on or after 01-04-1953”, keeping in mind the currency category.
Service Interval:
Membership date and exit date may be required.
According to the EPFO document, “The date of joining the service cannot be earlier than 16-11-1995 and the date of exit cannot be later than the date of retirement.”
NCP 1 and NCP 2 days:
“Members must furnish details of Non-Contributory Time Period (NCP) of service. NCP is the type of days for which the member did not receive wages and likewise the type of days for which the member’s EPS contribution was not paid by the employer. NCP-1 is till 31-08-2014 and NCP 2 is after 31-08-2014,” according to The Monetary Categorical.
Selected pension date
If the age of a member is 58 years, the system will show him the pension commencement date. However, “If the member has not crossed the age of 58 years, he can enter the date of completion of fifty years of age / date of exit by the date of use of the calculator.”
Also learn:
EPFO and ESIC members will get these benefits, know the details
After entering the knowledge
As soon as all the information is entered, the calculator will give you what you want – the annual or month-to-month pension amount.
EPFO says, “If the amount of pension is less than Rs.1000/-, the member for minimum pension of Rs.1000/- with effect from 01-09-2014 or date of graduation of pension, whichever is later. may qualify.”
It further states, “In case of early pension, the amount of pension deducted @ 4% every year shall be deducted from the basic pension for every year till the age of 58 years (minimum 50 years). Pension elected.”
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