EPFO body has now published the Pension Refund Calculator and the Application Error FAQs.
The Excel Tool introduced by EPFO has got 5 spread sheets:
- Sheet1: Need to inputs the EPF Wages by the employees in Col E. Rest all will be taken care by the Tool.
- Sheet2: Calculation of 8.33% is auto arrived by the Tool. Interest Calculation on the cumulative balance is calculated by the tool.
- Sheet 3: Summary of 8.33% is shown for the employee to understand what is the Outgo of PF Amount from his PF Corpus into the Pension Account.
- Sheet 4: Additional contribution of 1.16% as per Honourable SC Judgment exceeding Rs. 15000/- wages from Sep 2014 is auto calculated by the tool. Interest on the Cumulative balance is arrived.
- Sheet 5: Summary of 1.16% is shown for the employee to understand what is the Outgo of PF Addl Amount from his PF Corpus into the Pension Account.
Important Note:
- The EPFO is yet to explain how the higher pension will be calculated. It is expected to soon release a separate circular with details of the method of calculation of higher pension. Current Pension Formula is Average 60 Months Pension Wages X No. of Years of Exp / 70 which is expected to Change for Higher Pension calculations.
- Only the Wage information can be entered in the file and rest all will be auto populated by the Pension calculator tool.