EPF Calculator

Use this online calculator to calculate your total maturity amount and interest earned on your EPF contribution.
6 mins
16 February 2024

What is an EPF calculator?

The EPF calculator is a simulation that helps you estimate the amount of money that will accumulate in your EPF account at retirement. You can calculate the lumpsum amount, including your contribution, the employer’s contribution, along with the accrued interest on the investment.
 

Enter your basic monthly salary, your contribution to EPF in %, your current age, and your annual increase in salary in % to get started. After entering the requisite information, the EPF calculator will show your total EPF funds available at retirement.

 

How does an EPF calculator work in real-life?

Here’s an 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 2023-24 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 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.

 

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?

  • 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.

Frequently Asked Questions

How EPF is calculated from salary?

The Employees Provident Fund (EPF) is a retirement benefits scheme for salaried employees in the private sector. The employee contributes 12% of their basic salary and Dearness Allowance towards the scheme, and the employer makes an equal contribution. The EPF calculator is a simulation that shows the amount of money that will accumulate in your EPF account at retirement. You can calculate the lumpsum amount, which includes both your contribution and the employer’s contribution, along with the accrued interest on the investment.

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.

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