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EPS Pension Calculator

by Zoho Payroll
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Free EPS Pension Calculator
A comparative tool that helps you calculate your monthly pension and corpus amount under the 15K capped scheme and higher pension scheme.
Log in to the EPFO Passbook and enter the contributions below:
Employee PF Contribution*
Rs.
Refer EPF Passbook (View Sample)
Enter Employee Contribution
Employer PF Contribution*
Rs.
Refer EPF Passbook (View Sample)
Enter Employer Contribution
EPS Contribution*
Rs.
Refer EPF Passbook (View Sample)
Enter EPS Contribution
Your Monthly Salary (Basic + DA)*
Rs.
Enter your Current Salary
Expected Yearly Salary Growth*
%
Enter your Yearly Salary Growth
Date of First Joined for Service*
Enter your Date of Joining
Date of Retirement*
Enter your Date of Retirement
Years of Service
NOTE: The below Calculations were done based on taking Interest Rate of 7.5% per year for EPF and Hike of % per year for basic salary.
Pension and Withdrawal Summary
Components Higher Pension Scheme 15K Capped Scheme
Pension Amount
Monthly pension Amount
EPF Withdrawal Amount
At the time of retirement
*
*Disclaimer: The EPF corpus amount is computed based on the data you've provided. Please note that the corpus amount under the higher pension scheme is approximate. It's important to consider that the actual EPF corpus amount you receive will be lower due to certain factors. These factors include the EPF amount transferred to the EPS (Approximately ) and the annual interest earned after the transfer.
EPS Corpus Amount
Components Higher Pension Scheme 15K Capped Scheme
Initial EPS Contribution
Latter EPS Contribution
Total EPS Contribution
EPF Corpus Amount
Components Higher Pension Scheme 15K Capped Scheme
EPF Employee
(12% of Basic + DA)
EPF Employer
Higher Pension Scheme
((12% of Basic + DA) - EPS)
15K Capped Scheme
((12% of Basic + DA ) - 1250)
Total EPF Amount *
*Disclaimer: The EPF corpus amount is computed based on the data you've provided. Please note that the corpus amount under the higher pension scheme is approximate. It's important to consider that the actual EPF corpus amount you receive will be lower due to certain factors. These factors include the EPF amount transferred to the EPS (Approximately ) and the annual interest earned after the transfer.
NOTE: The below Calculations were done based on taking Interest Rate of 7.5% per year for EPF and Hike of % per year for basic salary.
Pension and Withdrawal Summary
Components Higher Pension Scheme
Pension Amount
Monthly pension Amount
EPF Withdrawal Amount
At the time of retirement
*
*Disclaimer: The EPF corpus amount is computed based on the data you've provided. Please note that the corpus amount under the higher pension scheme is approximate. It's important to consider that the actual EPF corpus amount you receive will be lower due to certain factors. These factors include the EPF amount transferred to the EPS (Approximately ) and the annual interest earned after the transfer.
Components 15K Capped Scheme
Pension Amount
Monthly pension Amount
EPF Withdrawal Amount
At the time of retirement
EPS Corpus Amount
Components Higher Pension Scheme
Initial EPS Contribution
Latter EPS Contribution
Total EPS Contribution
Components 15K Capped Scheme
Initial EPS Contribution
Latter EPS Contribution
Total EPS Contribution
EPF Corpus Amount
Components Higher Pension Scheme
EPF Employee
(12% of Basic + DA)
EPF Employer
Higher Pension Scheme
((12% of Basic + DA) - EPS)
Total EPF Amount *
*Disclaimer: The EPF corpus amount is computed based on the data you've provided. Please note that the corpus amount under the higher pension scheme is approximate. It's important to consider that the actual EPF corpus amount you receive will be lower due to certain factors. These factors include the EPF amount transferred to the EPS (Approximately ) and the annual interest earned after the transfer.
Components 15K Capped Scheme
EPF Employee
(12% of Basic + DA)
EPF Employer
15K Capped Scheme
((12% of Basic + DA ) - 1250)
Total EPF Amount
Disclaimer: Zoho has taken great care and has made every attempt to ensure that the information obtained from the tool is accurate. However, Zoho is not responsible for any errors or omissions and provides no guarantee or warranty on the correctness of the results obtained from the tool. By using this tool you agree not to hold Zoho liable for any issues that arise from incorrect results obtained.
What is Employees' Provident Fund (EPF)?

The Employees' Provident Fund (EPF) is a retirement savings scheme for salaried individuals in India. The EPF scheme allows employees to save a portion of their salaries each month. The accumulated amount can be used by employees when they retire, resign, or during times of need.

What is Employees' Pension Scheme (EPS)?

Introduced in 1995, under the Employees' Provident Funds & Miscellaneous Provisions Act, the Employees' Pension Scheme (EPS) is a social security scheme that provides a monthly pension to employees and their dependents once the employee retires from work.

EPS is applicable to all those who are enrolled under the EPFO before the 1st of September 2014 and to those who earn less than ₹ 15,000 per month and have become members of the EPFO later.

The 2014 amendment or the 15K capped scheme

The central government made an amendment to the EPS act and capped the EPS wages at ₹ 15,000 in 2014. According to this amendment, the maximum amount an employer can contribute towards EPS is 8.33% of ₹ 15,000 which is ₹ 1,250.

Higher pension scheme

Employees who joined EPFO before the 1st of September, 2014 can opt for this higher pension scheme by submitting a joint option form. Under this scheme, eligible employees can contribute 8.33% of their actual basic pay instead of the capped wages.

Note: The employer contributes 12% of the employee's basic pay and dearness allowance towards EPFO. Within this 12%, 8.33% of the employer's contribution goes towards the EPS fund.

  • Apart from this, the government of India contributes 1.16% of the employee's EPS wages on the capped limit of ₹ 15,000.
  • In the higher pension scheme for employees whose monthly salary is above the capped limit, the government will contribute 1.16% on ₹ 15,000, and the employer must contribute the additional 1.16% on the amount exceeding the capped limit of ₹ 15,000 from within the overall employer contribution of 12%.

For example, let's assume an employee's monthly EPF wages are ₹ 50,000 and they opt for the higher pension scheme. Their monthly contribution for EPS will be 8.33% of ₹ 50,000 which is ₹ 4,165. Since the employee's EPF wages is more than ₹ 15,000, the employer will contribute the additional 1.16% (from within the overall employer contribution of 12%) on the remaining ₹ 35,000 which is ₹ 406. The total EPS contribution will be ₹ 4,165 + ₹ 406 = ₹ 4,571. The remaining amount in the 12% will be contributed as the employer share of EPF which would be ₹ 1,429 (₹ 6000 - ₹ 4571).

How does the Free EPS pension calculator work?
  • The free EPS pension calculator collects employer's contribution towards EPF and EPS which can be found on your EPFO Passbook to determine the accumulated employer contribution.
  • Employer's total EPF and EPS share is calculated based on this accumulated value and employee's basic pay and dearness allowance for that month and the expected percentage of growth in salary.
  • Employee's total contribution towards EPF over the years is determined based on employee's contribution, basic pay and dearness allowance for the current month, and the expected percentage of growth in salary.
  • EPF and EPS corpus amounts post-retirement under both schemes are calculated using the above data and the interest rate offered by EPFO on EPF accumulations, which is assumed to be 7.5% per year.
  • The monthly pension is calculated based on the following pension formula:
    Pension = (Pensionable salary * Pensionable service) / 70
    Here, the pensionable salary is the sum of basic pay and dearness allowance earned in the last 60 months, whereas pensionable service means the total number of years worked in the sector.
Frequently Asked Questions

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What are the benefits of opting for EPS higher pension scheme?
The primary benefit of the EPS higher pension scheme is that it provides a higher monthly pension amount than the regular EPS. This is especially beneficial for individuals who have worked for a long time and have made significant contributions to the EPF.

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How can I calculate my EPS higher pension using this tool?
You can determine your higher monthly pension post retirement and EPF, EPS corpus amount by following the below steps:
  • Enter your employee and employer contribution towards EPF and EPS as per the closing balance mentioned on your EPFO passbook.
  • Enter your monthly EPF wages amount which is a sum of basic pay and dearness allowance.
  • Enter your expected salary growth in percentage.
  • Provide the date when you first joined service and the estimated date of retirement.
  • Click Calculate total amount.
  • The tool will display a comparative data of your monthly pension and corpus amount under the current scheme and the higher pension scheme.

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How can I opt for EPS higher pension?
  • Go to the EPFO's unified portal.
  • Click "Pension on Higher Salary: Exercise of joint option" from the Important links tab placed on the right side of the screen.
  • A new page with the "Registration request for exercising of Joint option" will open. Fill the required fields with your UAN, Aadhaar number, and date of birth.
  • After successful filing of the form, submit the joint option to obtain a higher annuity during retirement years.

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When is the last date to opt for EPS higher pension scheme?
The last date to apply for EPS higher pension scheme is 26th of June, 2023. The Employees' Provident Fund Organisation (EPFO) has extended the deadline from the 3rd of May, 2023 to the 26th of June, 2023 to allow eligible employees to make an informed decision.

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