EPF Calculator Online

Calculate your total maturity amount and interest earned on your Employees Provident Fund - EPF contribution.
6 mins
16 July 2024

What is an EPF calculator?

An EPF calculator is an online tool that helps you estimate your total retirement savings accumulated through the Employee Provident Fund (EPF). It calculates the combined sum of your and your employer's contributions, along with the interest earned over time. To use it, you'll need to provide the following details:

  • Monthly PF contribution: The amount you contribute to your EPF each month, quarter, half-year, or year.
  • PF interest rate: The current interest rate offered on EPF deposits.
  • Duration of contribution: The total number of years you've been contributing to EPF.
  • Frequency of EPF contribution: Whether you contribute monthly, quarterly, half-yearly, or yearly.

How does an EPF calculator work?

Example to help you understand how the EPF calculator works:

If an employee has a basic salary of Rs. 15,000 and contributes 12% of their salary towards the EPF, which is Rs. 1,800. The employer contributes 3.67% of the employee’s salary towards the EPF, which is Rs. 550 and 8.33% towards the Employee Pension Scheme (EPS), which is Rs. 1,250. The total contribution by the employer and employee towards the EPF account of the employee is Rs. 2,350.

The interest rate for FY 2024-25 is 8.25%. The interest rate applicable for each month will be 0.6875% (8.25%/12).

Assuming the employee joined the company in April 2020, the total EPF contribution for April will be Rs. 2,350. The EPF scheme will not pay any interest for April.

For the month of May, the total EPF contribution is Rs. 4,700 (Rs. 2,350 + Rs. 2,350). The employee receives an interest of Rs. 32.31 (Rs. 4700*0.6875%).

The calculation will go on till the employee retires (age of 60). The EPF calculator will show the total accumulated maturity amount and total interest earned by the employee.

How can an EPF calculator help you?

An EPF calculator is a useful tool that helps you figure out the total maturity amount you will receive from your EPF contributions. This information is crucial for planning your retirement. If the calculated amount doesn't seem sufficient for your retirement needs, you might consider investing in other investment options to build your retirement years.

How to use the Bajaj Finance PF Calculator?

Using the Bajaj Finance PF calculator is quite simple, just follow the below mentioned steps:

  • Enter your “Monthly Salary (Basic + DA) in rupees”.
  • Enter “Your Contribution to EPF (in %)”
  • Enter “Your Current Age (in years)”
  • Enter “Expected Annual Increase in Salary (in %)”

After entering this information, the EPF pension calculator will show you how much your accumulated maturity amount will be by the time you retire, and the total interest you will earn on your PF investment amount.

Benefits of using the Bajaj Finance PF Calculator

  • The Bajaj Finance PF Calculator assists with retirement planning by projecting the accumulated amount in your EPF fund at retirement.
  • It can help you decide whether you need to increase your PF contribution if the corpus accumulated at retirement is insufficient to meet your requirements.
  • The calculator is user-friendly and provides the EPF corpus estimate upon retirement quickly and easily.
  • It is also helpful in projecting the EPF corpus at different retirement periods, which aids in preparing for early retirement.

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What are the important points to know about EPF contributions?

Here are some important points to know about EPF contributions:

  • EPF contributions involve both you and your employer, with equal monthly contributions.
  • Your employee is required to link your Aadhaar number and bank account to your UAN.
  • You can choose a nominee for your EPF account. If you pass away, the nominee will receive the account balance.
  • Nominee changes can be made offline by submitting Form 2 to your company's finance department or the EPFO department. Or online through EPFO portal.
  • A portion of your employer's monthly contribution (up to Rs. 1,250) goes into the Employee Pension Scheme (EPS), ensuring a pension upon retirement.
  • You can make partial withdrawals based on reasons like unemployment, retirement, buying land or a house, house renovations, wedding, education, home loan repayment, and medical needs.
  • If you have had continuous employment for the last 10 years, you can withdraw 100% of the EPS account balance after retiring.
  • You don't need to close your EPF account when switching jobs. Provide your UAN to your new employer, and your new PF number will be linked to your existing UAN.
  • Transfer your PF account balance from your previous employer to your new employer's PF account using Form 13 or automatically via Form 11.
  • Use the EPFO portal or UMANG app to check your EPF balance, transfer requests, claim status, withdrawal requests, and raise grievances online.

How to check PF balance?

To check your PF balance, follow these simple steps:

  • Step 1: Go to the official government EPF website.
  • Step 2: Choose your PF office's location (state or regional branch).
  • Step 3: Complete an online form with your personal information and use the EPF account number from your payslip.
  • Step 4: Double-check the details, then submit the form.
  • Step 5: If your information is correct, you'll receive an SMS on your registered mobile number with your EPF balance.

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Frequently Asked Questions

How EPF is calculated from salary?

The EPF calculation involves both employee and employer contributions. The employee contributes 12% of their basic salary and dearness allowance (DA), and the employer matches this amount. However, 8.33% of the employer's contribution goes towards the Employees' Pension Scheme (EPS), while the remaining 3.67% is added to the employee's EPF account.

How many times can I use the online EPF calculator?

There is no limit on the number of times you can use the Bajaj Finance PF Calculator. You can use it as many times as necessary.

At what age can you access your entire EPF savings?

You can access your entire EPF savings at the age of 55. You have an option to withdraw up to 90% of your EPF balance at the age of 54, one year before reaching the official retirement age.

Can I use the same calculator even after I change my job?

Yes, you can use the same EPF calculator even if you change jobs. The calculator provides an estimate of your EPF balance, and it's not tied to a specific employer.

Is the EPF calculator free to use?

Yes, Bajaj Finance EPF calculator is free to use.

Is EPF taxable?

Generally, contributions to your EPF account are exempt from income tax. However, the interest earned on the contributions after your retirement is taxable.

What is the latest EPF percentage?

As of April 2024 the EPFO interest rate is 8.25%.

Which part of EPF is taxable?

Only the interest earned on your EPF contributions after retirement is considered taxable income. The employee and employer contributions themselves remain tax-free.

Can I withdraw 100% PF pension?

No, you cannot withdraw 100% of your PF pension amount. Upon reaching retirement age (58 years or more), you can withdraw a lump sum amount and receive a monthly pension for the remaining years.

What happens to EPF pension after death?

In case of the member's death while in service, the nominee or legal heir receives the complete PF corpus (employee and employer contributions + accrued interest) along with the pension benefit amount calculated based on the service period.

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