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EPF Calculator

What is a PF calculator, EPF calculator, and PF interest calculator? Learn about the PF maturity calculator and EPF interest calculator in this article in detail.


21  years
Error: Present age can't be more than retirement age
15
58


Error: This is a mandatory field

Error: Rate can't be less than 12 %



46  years
Error: Retirement age can't be less than present age
16
58





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EPF Fund Available After Retirement

₹ 2,500.50

The great majority of employees in the private sector were qualified to earn post-retirement benefits if they had participated in any organised capacity for the whole of their tenure in the industry. It is essential to remember that people employed by the government are eligible for pensions compared to their contemporaries working in the private sector. The Employee Provident Fund was founded as a direct consequence of the Parliament's adoption of the EPF Act, which paved the way for its creation.

The EFPO India is responsible for administering the funds contributed to a permanent account by both the employee and the employer, following the law. This organisation is also known as EFPO. A Universal Account Number, also known as a UAN, is used to identify this particular account. If you want to provide precise estimations of your finances, using an EPF calculator might be helpful for you.

The proprietary engine of the PF calculator ensures that the calculated result is correct every time it is used, regardless of the data entered into the tool. The Provident Fund guarantees future success despite the potential of one's employment being terminated, and it is of immense aid when making choices about one's financial future.

Did you know?

EPF calculation formula: Employee contribution equals 12% of basic pay plus Dearness Allowance (DA). Whenever Basic Pay + DA is less than or equal to 15000, the employee contribution is 12%, while the employer contribution is 3.67%.

What Exactly Does the EPF Stand for?

The Employee Provident Fund, more often known simply as the EPF, is a retirement benefits program available to salaried individuals employed in the private sector. These people may participate in the EPF. The EPFO is in charge of administering the Employees Provident Fund (EPF). The Employees' Provident Fund Organization, often known as EPFO, is responsible for every business or organisation in India that employs 20 or more people. The Employees Provident Fund Organization makes accessible to its members three distinct plan options.

Every worker who receives a basic pay of less than ₹15,000 per month must sign up for the Employees' Provident Fund (EPF), also known as the Employees' Pension Fund. If you have already joined the EPF system, you will no longer have the opportunity to quit the program once you have done so. An employee can contribute a more significant amount to the voluntary provident Fund, up to a limit equal to 100% of the employee's regular salary. There won't be any matching contribution from the company.

Also Read: EPF Withdrawal Rules 2021 - Guide on Different Types of EPF Withdrawals Rules

What Precisely Does It Mean for an EPF to Have a Calculator?

The EPF calculator will provide you with a simulation that will indicate the entire amount of money that will have accrued in your EPF account by the time you reach the age at which you are eligible to retire. You can calculate the one-time payment, which considers your contribution and the contribution made by your business, and the interest that has accrued on the investment since it was first invested.

The formula box on the PF interest calculator allows you to input your current age, your basic monthly income, the dearness allowance, your contribution to the EPF, and your retirement age, anywhere between 55 and 58 years old. If you are acquainted with the relevant data, you also have the option of inputting the current balance of your EPF account. After the necessary information has been entered into the provident fund calculator, the amount of money from the EPF online that will be withdrawable at retirement will be shown to the user.

What Precisely Would You Stand to Gain by Using an EPF Calculator?

When you start using the PF maturity calculator in India, it will be simple to track exactly where your hard-earned money is kept and how much interest it has accrued since you started using it. Once you do this, you will be able to do a PF calculation online on how much you have earned on that money since you started using the calculator.

  • Using an EPF interest calculator over the internet comes with many fascinating advantages detailed in the following list.
  • You will no longer be needed to manually tally up the sum of your donations at every opportunity.
  • The PF calculator online will provide correct results on every occurrence
  • Even if there is a change in either the contribution ratios or the interest rates, you don't need to worry about this matter.
  • The user is not necessary to take any more action for the PF calculator India to take the change into account; it will do so automatically.
  • Last but not least, whenever you use the EPF calculator online, you will instantly be alerted of any recent transactions or revisions, if there have been any.
  • If there have been any, this notification will occur quickly. As soon as you check-in, you will be aware of any changes that may occur during the fiscal year due to recently approved legislation. This information will be sent to you immediately after you log in.

The formula was used to determine the EPF amount

Contribution = 12% of pay + DA

When you use an EPF calculator in India, you can do it with peace of mind knowing that the EPF calculator 2021 is highly calibrated and reliable. Make sure that you have all of these pieces of information on hand before you begin using the EPF maturity calculator.

  • Your typical monthly wage, with the DA already deducted from it
  • Your contribution to the Fund for the Retirement of Employees
  • Your employer's contribution
  • Your retirement age
  • Your current EPF balance
  • The current rate of interest that the EPF is accumulating

What Are the Most Significant Aspects of the Employees Provident Fund (EPF)?

Your contributions to the EPF are taken out of more sources than simply your salary each month. Your employer is expected to make monthly contributions to your EPF account similar to what you get from them. These payments must be the same amount or more than what you receive from them.

  • Workers must link their bank account and their Aadhaar number to their user identification number (UAN).
  • You are given the option to choose the person in charge of managing your EPF account. In the case that the person who owns the account dies away, the nominee is the one who is responsible for paying off any outstanding debt.
  • You will be able to amend the candidate if you submit Form 2 to either your company's finance department or the EPFO department. Either of these departments can help you.
  • Your monthly contribution from your employer will be contributed to the Employee Pension Scheme being donated each month (EPS). This will make it simple to get a monthly pension payment if you reach retirement age and complete the conditions.

If you decide to quit your job and remove the remaining funds from your EPF account permanently, the only time you will be able to take any of the entire amounts out of your account will be if you decide to leave your job. The reason why the withdrawal is being made will determine the maximum amount that may be taken out of your account at one time. The loss of one's job, retirement, land purchase, construction or acquisition of a house, remodelling a dwelling, getting married, continuing one's education, paying off mortgage debt, or having a medical emergency are acceptable reasons.

If you are a retired person and have had continuous employment for the preceding ten years, you can take 100% of the money in your EPS account. This applies only if you have worked continuously throughout the preceding ten years.

How to Make Use of the EPF Calculator?

The procedure of gaining access to and using the PF interest rate calculator can be described as relatively straightforward. Input the numbers, and the solution of PF calculation will be generated specifically for you in a concise amount of time.

You will be prompted to enter your age and your beginning salary. The results will reflect the employer's contribution (EPS+EPF) and the total amount due at maturity as soon as you put the data in. In addition, the genuine interest produced will be displayed.

How Can I Find Out What My Current Personal Finance Balance Is?

First, go to the official website for the EPF. Select the location of your Personal Financial Planning office, either by state or by regional branch, depending on your preference. When filling out the online form, you will need to include your personal information and the EPF account number, which can be found on your payslip. After ensuring that the given information is accurate, forward the form to the appropriate location. An SMS message with the amount of your EPF will be sent to the mobile phone number that you registered with if all of your records are accurate.

Also Read: EPFO KYC - Step by Step Guide for EPFO KYC Process & EPFO KYC Update Online

Making an Electronic Transfer of Funds From the EPF Account

If an employee finds themselves in a new position, the Employees Provident Fund (EPF) may be transferred using the Universal Account Number (UAN), which will not change. In this case, the employee should make the necessary changes to their beneficiary designations.

  • Complete the EPF membership registration by navigating to the organisation's official member site and entering your information.
  • After acquiring the necessary login credentials, go on to the next step of logging in.
  • Using the login credentials, go to the Online Transfer Claim Portal to make a transfer claim for your employee retirement fund (EPF).
  • If you can make the transfer claim online, you may do so without sending in Form 13 as long as you are entitled to do so. If you cannot make a claim online, you must send Form 13 together with your claim.
  • Once you have navigated to the section "Request for Transfer of Funds," you will need to provide the information that is asked about your last place of employment.
  • Obtain permission to use it from your most recent or present place of employment.
  • After submitting all required information, your mobile device will provide a Personal Identification Number (PIN).
  • Use the tracking ID supplied to you to monitor your application's current status.

How to Check the EPF Account Balance Online?

You may see the current balance of your EPF account using the web portal. The process is straightforward, and employees do not have to wait until the end of the year for their employers to disclose the most recent amount contributed to their EPF account. You have access to the internet because you are either an employee or a member of the Employee Provident Fund.

Conclusion

A PF amount calculator is a tool that aids in determining the employee's pension fund corpus upon retirement. This tool may be used online and assists users. You need basic input information, such as your retirement age, basic monthly income, annual expected wage growth, and payment to EPF.

When planning for retirement, you consider the value anticipated to be obtained at reaching retirement age. You will be able to generate an estimate on whether or not the built corpus is enough to meet your financial demands after retiring. In light of this, you should think about whether or not it is necessary to spend more money on various investment possibilities to meet your financial needs.

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Frequently Asked Questions

Is it possible to use the same calculator if I switch jobs?

The UAN does not change if you change jobs. It cannot be changed or altered. As a result, you may make use of the same EPF estimator.


Is it free to use the PF return calculator?

The calculators are entirely free to use.


Is it possible to get my EPF savings?

There is considerable wiggle room here, although the EPF can't be withdrawn while you're still employed. You may be able to take the money out of your EPF account before it reaches maturity under certain conditions.


What is the maximum number of times I may use the EPF interest rate calculator online?

The number of times you may utilise the service is not limited. It's unlimited in how many times you can use it.


What should I do if my own or my employer's deposit rates change?

Using the EPFO calculator, you'll need to change the figure you enter.