EPF Calculator Online

Monthly Salary(Basic+DA)

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Your Age

Your Contribution to EPF

Annual Increase In Salary

Employer Contribution to EPF

Rate Of Interest

An Employee's Provident Fund (EPF) Calculator is a tool that helps individuals estimate their retirement savings under the EPF scheme. The calculator considers different factors, such as the employee's contribution, employer's contribution, and interest rate, to calculate the accumulated amount at retirement.

What is EPF?

EPF is short for Employees Provident Fund. EPF scheme has designed to provide financial support to all salaried individuals after retirement. It is a corpus towards which the employer and employee contribute monthly.

What is an EPF Calculator?

Employee's Provident Fund Calculator is a free tool that helps estimate the EPF on retirement. All you need to provide is a basic monthly salary, retirement age, annual expected salary increase and contribution to Employee's Provident Fund.

With the approximate value of retirement, you plan your retirement. You can approximate whether or not the corpus created meets your retirement needs accordingly and whether you want to invest more in other investment alternatives to meet your financial needs.

How Can an EPF Calculator Help You?

An EPF calculator is a handy tool if you're looking to calculate an estimate of your savings. It's only normal to be worried about how much you can save in the future, so this EPF interest calculator is here to help give you as realistic a view as possible.

How does an Employee's Provident Fund (EPF) Calculator work?

Let us have a model to understand how the EPF Calculator works.

Dearness allowance + Employees basic salary = Rs.14000

Employees contribution towards the PF = 12% * 14000 = Rs 1680

Employers contribution towards the EPF = 3.67% * 14000 = Rs. 514

Employers contribution towards EPS = 8.33% * 14000 = Rs 1166.

The full contribution by the employer and employee towards the Employee's Provident Fund account of the employee = Rs. 1680 + Rs 514 = Rs. 2194.

The rate of interest is 8.15% for FY 2023-2024.

So the interest rate applicable for every month is:

8.15%/12 = 0.679%

Assuming the worker joined the Firm ABC in April 2019. The total Employee's Provident Fund contribution for April will be Rs. 2194. The Employee's Provident Fund scheme will not pay any interest for April.

The total Employee's Provident Fund contribution for May = is Rs. 4388 (Rs. 2194+ Rs. 2194). He receives an interest of Rs. 4388 * 0.70833% = Rs.31.08.

Similarly, the calculation had done for the later months.

How to Use the EPF Calculator?

The EPF Calculator is a tool that helps users calculate the total PF corpus at retirement. The calculator also aids an employee in gauging the contribution made for achieving a specific corpus post-retirement. It can help them in setting financial goals.

Here is the step-by-step procedure for using the EPF calculator:

Enter basic salary every month.
Next, enter the current age.
Enter the expected annual salary increase.
Enter employee contribution in a percentage format.
Lastly, enter the current EPF balance.
Finally, enter the expected retirement age and employer's contribution to PF.
The calculator uses the current interest rate paid by EPF for this calculation.

Once all the fields had filled with relevant data, the calculator automatically calculates the total EPF investment and maturity value based on the interest rate latest applicable. It shows the total interest earnings, the total employer's contribution, and the total employee contribution on the right side of the calculator. All this information gives an employee a holistic investment view for better financial decision-making.

How to Transfer Employee's Provident Fund (EPF) money online?

The UAN number makes it easy to track your funds even while you go from one organisation to another. You can follow the given below steps and complete the hassle-free transfer procedure:

Step 1:

In the process of a job change, EPF can have transferred using the Universal Account Number, which will remain the same.

Step 2:

Go to the EPF official member portal and fill in the registration

Step 3:

When you get the login credentials, then you can log in once.

Step 4:

See the Online Transfer Claim Portal and request Employee's Provident Fund transfer using the above login details.

Step 5:

If you are permitted to make the transfer claim online, you can now do it without having to submit Transfer Claim Form (Form 13)

Step 6:

Click "Request for Transfer of Funds" and then enter your old employment all details as directed.

Step 7:

Get it authenticated by your new or previous employer

Step 8:

After entering all the details, you will receive a PIN on your registered mobile number.

Step 9:

Use the tracking ID created for you to track your application.

Benefits of EPF Calculator:

Here are some benefits we've chalked down of using the EPF calculator online.

You can use the EPF interest calculator to calculate the corpus amount at different retirement ages.
You don't need to worry about the interest rates changing constantly. The EPF calculator will automatically get updated.
You can use the EPF calculator to plan any extra contributions you wish to make
The EPF calculator will give you as accurate a figure as possible.
The EPF calculator will automatically inform you of any regulation change whenever you come back here to check.

Conclusion:

The EPF calculator is useful for employees to plan and estimate their retirement savings under the EPF scheme. Considering various factors, it provides an accurate and convenient way to calculate the amount accumulated at retirement. Overall, it is a valuable resource for individuals to plan their financial future.

FAQ'S

How many times can we use the online EPF calculator?

We can use it as many times as necessary.

Is the EPF calculator free to use?

Yes, all of our calculators are free to use.

Is EPF 12% of the basic salary?

If an employee's salary is Rs.15,000 or more, the employer's 12% contribution had divided into two parts. Amount exceeding Rs 1,250 per month had transferred to the EPF account. For example, if an employee's basic salary + dearness allowance is Rs.50,000: Employee contribution to EPF (12% of Rs.50,000): Rs. 6,000

Is EPF calculated on basic or gross salary?

The employee contributes 12 % of their basic salary and the Dearness Allowance monthly to the EPF account.