The Employees’ Provident Fund Organisation (EPFO) has recently introduced the employees with a new calculator under the Employees’ Pension Scheme (EPS) 1995. This calculator helps an employee discover the estimate of the pension amount he will receive after retirement. So, we will discuss all the new EPS calculator 2022 and how you can use it to calculate your pension amount.
EPS Calculator 2022
In a document released by EPFO on how to use the new EPS calculator, it said, “The benefits displayed are on wages up to the wage ceiling that is Rs 6500/- for up to 31-08-2014 and Rs 1500/- after that date.”
The new EPS Calculator 2022 is available on the official website of EPFO. But before using the calculator you will need to provide some input to it. Here are the following inputs that the calculator will demand.
“The member should have completed 58 years of age on or after 01-04-2011. Therefore the date of birth should be on or after 01-04-1953 for using this calculator”, as per financial express.
The date of joining and the date of exit from the service would be required.
As per the EPFO document, “the date of joining service cannot be prior to 16-11-1995 and the date of exit cannot be a date after the superannuation date.”
Days of NCP 1 and NCP 2:
“Members have to provide details of the non-contributory period (NCP) of service. NCP is the number of days for which the member did not get wages and also the number of days for which the member’s EPS contribution was not paid by the employer. NCP-1 is up to 31-08-2014 and NCP 2 is after 31-08-2014,” as per financial express.
Date of Pension Opted
If a member has passed 58 years then the system will show the starting date of the pension that he or she will receive. But, “if the member has not crossed the age of 58 years, then he can enter a date from the date of exit/ date of attaining 50 years age till the date of use of the calculator.”
After Data Being Entered
Once all the data is entered the calculator will give what you wanted- the yearly or monthly pension amount.
“If the pension amount is less than Rs 1000/- the member will be eligible for a minimum pension of Rs 1000/- w.e.f. 01-09-2014 or pension start date whichever is later,” says EPFO.
Further adds, “In case of early pension, the reduction amount of the pension @4% per annum will be deducted from the early pension for each year from pension fixed at age of 58 years till the age (minimum 50 years) from where early pension opted.”