EPF Calculator
You will have accumulated by the time you retire
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How can a EPF Calculator help you?
The EPF helps an employee to create a corpus for a secure retirement, as well as leads to a great way to save a part of the basic pay
The EPF guarantees all salaried employees with a flow of income after they retire
The EPF grants premature withdrawal in case funds are required before retirement
After completion of service of five years, the EPF is subject to benefits in taxation
Use the EPF calculator to know about how much you can earn post your retirement and plan your other investments accordingly.
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Begin your investments today with Motilal Oswal
Securing your future financially is easy with Motilal Oswal who has your back where all kinds of investments are concerned.
Get a buffer against costs at retirement
With calculator use, you can know about your EPF amounts, along with funds you can receive in case you are unemployed
Collect a healthy corpus
EPF is a great way to collect a corpus for retirement, but investment in other investment vehicles may be necessary, which you can do through Motilal Oswal
Make the most of tax benefits
Along with EPF, you can gain more tax benefits if you invest in other funds, all suited to your individual requirements
EPF Calculator FAQs
1. What is an EPF?
The full form of “EPF” is employee provident fund. This is a benefit that employees working in the private sector receive when they retire from the company or terminate employment. This was established through an act, the Employee Provident Fund Act, and the fund entails the deposit of part of the employee’s salary into a separate account to be given to the employee when they leave employment. The contribution to an EPF account is made via a portion of the employee’s salary and a contribution from an employer/company. The EPF functions according to an assigned number, the “unique account number”.
2. How can an EPF calculator help you?
The EPF calculator is a digital tool that you can gain access to online, on portals of your bank, brokerage or any financial company. It helps you in the following ways:
You don’t need to manually calculate the contributions to the account every time. The EPF calculator gives you precise results designed to let you know how much you will receive when and if employment is terminated. In the event that ratios of contributions change or rates of interest vary over a duration, you should not be concerned. The online digital tool takes any alterations into account automatically.
3. How do you use the EPF Calculator?
The calculator is straightforward to use. You have to enter the following and press “submit” or “enter” to get the results you desire:
Fill in your salary (basic) and age (assuming you retire at the normal retirement age) Once you have entered your details, the calculator, working on the basis of regulations, tells you the contribution from the employer, the full earned interest, as well as the amount you should receive at maturity.
4. What are the advantages of an EPF Calculator?
Calculating the EPF can be cumbersome if you try to do it manually. The following advantages can be had by using a digitally proficient tool:
You can calculate your final EPF amount and the amounts that make up that calculation with accuracy.
You get to know the maturity amount through an EPF so that you can plan other investments for the future.
The calculator is free of any cost to you and it is simple and accessible for use.
5. What is the formula to calculate the EPF amount?
The EPF formula may be challenging for lay people to grasp, but it can be understood in the following manner:
The employee's contribution to the EPF account = 12% of the salary (basic) + DA (dearness allowance)
The employer’s contribution to the EPF account = 3.7% of the salary (basic) + DA
The above amounts are added together and calculated according to the period of work within the organisation (assuming you work in any specific company till the age of retirement). The EPF calculator automatically executes calculations so you do not have to concern yourself about tedious manual formulas.
6. When can I withdraw money from an EPF account?
The money from an EPF account is permitted to be withdrawn when:
An employee has completed seven years in employment
An employee has to withdraw it thrice in the period of the EPF account being active
It is important to note that above 50% of the money in the account cannot be withdrawn.
7. Is the EPF Calculator free to use?
Any online calculator to compute your EPF is absolutely free of cost to use.
8. Does the EPF calculator get updated if the interest rate changes?
After you have logged in to calculate your EPF, any changes are easy to view, as the calculator updates these with any recent rules and legislation. This is an automatic function in EPF calculators.
