How Employers Can Use Our Template to Upload Higher Wage Data to EPFO Successfully

For the assistance of employers

30.04.2023

Dear friends, on the repeated requests from some employers directly as well as through their employees/pensioners, for their assistance, we have prepared a "Template (30-04-2023) for Higher Wages at Employer's end." It will be useful for employers to convert wage data into an uploadable text file as required by EPFO.

Instructions for filling the Excel File

(Data to be filled in PINK CELLS only): The rules related to the calculation of interest on Provident Fund Contributions are laid down under Para 60 of the Employees' Provident Fund Scheme 1952. The interest is credited on a monthly running balance basis. The closing balance for the year will be Opening balance + Contributions - withdrawal (if any) + Interest. It consists of 5 Excel sheets:

1. Validations for the document: To be uploaded by the employer for adding monthly wage details.
2. PF Interest Rate: As per the latest Annual Report of EPFO.
3. PF Interest Calculation: How is the PF Interest calculated.
4. Excel file: Which data is to be fed in the file for each employee to get the calculations done automatically.
5. Uploadable Text file: Which data is to be uploaded in the EPFO portal by employers.

ALL ARE REQUESTED TO PLEASE READ "FILES TO BE REFERRED BY EMPLOYER TO UPLOAD HIGHER WAGES DATA" (https://bit.ly/42bYE91) AND INSTRUCTION SHEETS CAREFULLY BEFORE PROCEEDING.

Though every care is taken in preparing this file based on our understanding of the scheme, we are developing it for the first time on demand of various stakeholders, especially small organizations. In case someone notices any mistake and considers improvement in the calculations, he/she must send the filled EXCEL FILE to Mr. Neeraj Bhargava, Jaipur at [Email Removed For Privacy Reasons] for looking into the same immediately along with their organization details like Name of organization, Code number, Type of organization i.e., Exempted/Unexempted, etc.

It has been noticed that EPFO is modifying the Higher Wages Help File Structure frequently. Please check the EPFO portal regularly.

Disclaimer: It is to be clarified that these files are indicative/suggestive only and have been prepared voluntarily to the best of our ability. However, there might be any mistake in its development and as such everyone concerned is requested to please cross-check the details/calculations/output before uploading the same on the portal. These are only for their assistance.

Regards, Parveen Kohli

[Phone Number Removed For Privacy-Reasons]

Error in Payable Amount Calculation

Showing error from May 2012 as the payable amount is not calculated in column No. 7.

After preparing the file as per your format, the following message appeared on the employer portal at the time of uploading the .txt file:

"Invalid file, kindly upload a valid file as per the format given in the instructions."

Kindly guide.

Regards.

Thank you, Mr. Praveen Kohli, for the post. I have some basic questions in mind regarding higher pensions:

1. How many organizations are paying the employer's contribution beyond the statutory limit, which is currently ₹15,000 per month? My gut feeling is that it may be 30% of total EPFO-covered organizations. Therefore, it will be a gain only for approximately 30% of organizations.

2. All past accumulations, including interest, will be transferred from the EPF Account to the EPS Account. This will result in less accumulation in the EPF account. Moreover, there will be a 1.16% additional contribution, i.e., at present, 8.33% will become 9.49%, which will again impact EPF accumulation.

3. If the money is in the EPF account, the employee and their family can enjoy it even after the death of the employee. But in the EPS fund, when both the self and spouse expire, the money will vanish.

4. In the future, EPFO may change the formula for pension calculation, and as it appears today, in the future, it may be less.

There is a possibility of many other ifs and buts in the future. One should make a decision after considering all pros and cons.

Regards, S K Bandyopadhyay

Sir, I have uploaded the file of one employee and received the following error message: "Please enter a valid value for Pension Contribution to be paid along with interest." The messages are for line numbers 68 to 75. I have attached the Excel and text files for your reference. Please suggest a solution.

Regards,
AP Sathe

I am getting an error stating "invalid file format."

The template needs correction as, from June 2001, it is showing a negative amount in column no. 7 (Pension contribution to be paid with interest). Please check and support the team members.