An EPF Calculator is an online tool that helps employees estimate their retirement savings under the Employees' Provident Fund (EPF) scheme. It quickly calculates your future EPF corpus, providing a clear picture of your financial security post-retirement. This tool is essential for planning and optimizing long-term savings.
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The Employees' Provident Fund (EPF) Scheme is a retirement savings program in India that benefits salaried employees. It is managed by the Employees' Provident Fund Organisation (EPFO), which is a government agency.
The EPF Scheme requires both employees and employers to contribute a portion of the employee's salary to build a retirement fund. The contributions accumulate with interest and provide financial security to employees after retirement.
The full form of the EPF Calculator is the Employee Provident Fund Calculator. It is a financial tool used to estimate the maturity amount of an employee's Provident Fund (PF) based on their monthly contributions, employer contributions, and the interest rate.
An EPF pension calculator helps you to plan your savings and understand how your investments grow over time.
Go to the EPF pension calculator available on this page.
Input your details, such as-
Your age
Current Salary
EPF contribution rate
Expected retirement age
The EPF payment calculator will automatically calculate and show you the estimated maturity amount of your EPF account on retirement.
You need to keep the following data handy to calculate your EPF contribution maturity amount:
Monthly Income: Include your basic salary and Dearness Allowance (DA).
Your EPF Contributions: How much you put into your Employee Provident Fund (EPF) each month.
Employer's EPF Contributions: What your employer contributes to your EPF.
Retirement Goal: Your planned retirement age (consider the Voluntary Retirement Scheme (VRS) if applicable).
Current EPF Balance: The total amount currently in your EPF account.
EPF Interest Rate: The current annual interest rate your EPF earns.
Example Calculation of EPF:
Employee's Basic Salary + Dearness Allowance = Rs 14,000
Employee's EPF Contribution (12% of Rs 14,000) = Rs 1,680
Employer's EPF Contribution (3.67% of Rs 14,000) = Rs 514
Employer's EPS Contribution (8.33% of Rs 14,000) = Rs 1,166
Total Contribution to EPF Account = Rs 2,194 (Employee + Employer contributions)
Interest Calculation:
Applicable Interest Rate: 8.25% per annum
Monthly Interest Rate: 8.25%/12 = 0.679%
Example Scenario:
The employee joined Firm ABC in April 2021.
EPF Contribution for April: Rs 2,194
EPF Interest Calculation for May 2019: Rs 4,388 * 0.679% = Rs 29.79
Long-term Projection:
Calculation continues until retirement age (60).
The calculator projects the final EPF amount.
| Feature | Description | Benefits |
| Contribution | - Employee: 12% of salary (basic + DA) - Employer: 13% (or 10% in some cases) of the employee's salary (basic + DA) |
Regular savings for retirement employer contribution adds to the retirement corpus |
| Investment | Invested in equities and debt instruments | Potential for growth through diversified investment |
| Interest Rate | Annually declared by EPFO | Provides visibility on returns |
| Tax Benefits | - Contributions are tax-deductible within specified limits. - Interest earned may be taxable |
Reduces taxable income, encourages long-term savings |
| Withdrawal | - Partial withdrawals allowed for specific purposes (e.g., medical emergencies, house purchase). - Full withdrawal possible upon retirement or certain conditions |
Flexibility in managing financial needs |
| Loan Facility | Members can avail of loans for various purposes such as house purchase, education, marriage, etc. | Access to funds at preferential rates for critical life events |
| Pension | Provides monthly pension post-retirement based on contributions and service period (managed under EPS) | Ensures regular income flow after retirement |
| Nominee | Member can nominate a beneficiary to receive accumulated funds in case of death | Ensures financial security for the family |
| Online Management | EPF accounts can be managed online through the UMANG app or the EPFO website | Convenient access and management of account information and transactions |
An EPF calculator online can offer several benefits to help you with your retirement planning and understanding your Employee Provident Fund (EPF) account. Following are some key advantages:
Estimate future savings: See how much your EPF could grow by retirement, helping you plan for your financial future.
Boost retirement funds: Identify any shortfall in your EPF savings early on, prompting adjustments to your contributions for meeting retirement goals.
Automated tracking: EPF calculators automate calculations of contributions and interest, ensuring accurate and hassle-free monitoring of your retirement savings.
User-friendly: Easy to use with simple inputs like age, salary, and contribution percentage, requiring minimal financial expertise.
Current interest rates: Calculators use current EPF interest rates to project your savings, ensuring accurate and up-to-date results.
Support for financial planning: Gain insights into your retirement corpus, enabling better decisions for other investments and overall retirement strategy.
The EPF Calculator is a valuable tool for employees to estimate their retirement savings by calculating the accumulated amount in their EPF account based on current contributions, interest rates, and tenure. This tool helps you plan your finances effectively by providing a clear picture of your future savings.
*All savings are provided by the insurer as per the IRDAI approved insurance
plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.
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