Employee PF Calculator
Employee Provident Fund (EPF) is an employee savings system in India. Employee and employer contributions are held in this fund and later used for retirement benefits. This calculator can be used to find out how much money a person can save in an EPF account over a given time period. It calculates the amount that will be accumulated at maturity based on the amount of contributions paid, the monthly salary, the salary increase, and the employee's age.
Monthly salary (Basic + DA)
Your contribution to EPF %
Your Age
Annual Increase in Salary %
Disclaimer: Invoice Temple makes no assurances regarding the accuracy of the results generated by the tool and accepts no responsibility for any errors or omissions.
What is an EPF calculator?
The Employee PF calculator built by Invoice Temple is an online tool to calculate the EPF corpus accessible at retirement. To use this calculator, the user must enter basic data such as basic monthly pay, current age, annual displayed salary rise,and PF contribution.
It is easier to plan for retirement if the user knows the expected PF value at retirement. It allows users to know whether their PF corpus will be sufficient to cover their various financial needs in retirement. As a result, it helps determine whether additional funds should be invested in other investment options to meet various financial needs.
InvoiceTemple's Employee PF calculator allows you to calculate the entered details of the total contribution, total interest income, and maturity amount. You can also add the expected annual increment and recalculate the EPF amount after retirement. If you expect a rise in your basic monthly income, add the estimated sum and calculate it again. This will provide you with a better understanding of how much money you can accumulate through your EPF scheme.
You may also show the difference between the total amount invested and the amount after maturity in a graphical format.
How to Use Invoice Temple's EPF Calculator?
Invoice Temple's EPF Calculator is simple to use. You must enter the data and receive the results immediately.
- Step 1 : Fill in your base monthly salary.
- Step 2 : Enter your current age.
- Step 3 : Add the age of your choice to retire. The retirement age will vary by company. However, private-sector employees have a maximum retirement age of 65 years.
- Step 4 : If you are aware of your earned EPF balance, add it to the total percentage of your employer's contribution and your contribution.
- Step 5 : Enter 12% in the employee's and employer's EPF contributions.
- Step 6 : Enter the current EPF interest rate and click 'Calculate'.
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Calculate Your EPF Corpus
You can use the Employee PF Calculator to simply calculate your expected EPF balance. The method is simple. All you have to do is alter the details of the contribution amounts, salary increments, and interest rates. The calculator gives you a clear view of your savings growth. It is a beneficial practice for you to plan your more successful retirement.
The calculator can be used to see how your corpus will increase over time if, for example, you start investing at age 25 and plan on retiring at age 58. It will account for any annual salary rises and provide a breakdown of your and your employer's payments. It lets you see how different variables affect your final EPF corpus.
EPF Rules for Withdrawal
The Employee PF system has certain withdrawal rules. Partial withdrawals can be made in specific cases, such as medical emergencies, home loans, or marriage. Whereas, the entire EPF amount can only be done at retirement or after the age of 58. The EPF Calculator Online allows you to estimate your withdrawal amount. So, you can decide your withdrawal amount and the balance will remain in your account.
Tax Implications for EPF
EPF contributions are taxable under Section 80C of the Income Tax Act. The amount withdrawn and the length of continuous service are two variables. These variables may affect how withdrawals are treated tax-wise. The EPF Calculator Online can provide information about the potential tax liabilities related to your EPF funds.
Frequently Asked Questions?
Employees' Provident Fund (EPF) is a form of savings system for Indian employees. Employee and employer contributions are held in this fund and utilized to provide retirement benefits later.
In India, the Employees' Provident Fund (EPF) demands a deposit of at least 12% of an employee's basic salary plus dearness allowance. Out of this 12%, the employee contributes 8.33% and the employer contributes the remaining 3.67%. This 12% contribution is needed for all employees earning a basic salary of up to INR 15,000 each month.
The EPF calculator takes four inputs namely, monthly pay, age, EPF contribution, and annual salary rise. Calculates the EPF corpus at retirement age by adding the annual rises in the corpus to the following year.
The calculator calculates the total amount accumulated at maturity. You can consider it by taking into account the amount of contributions paid, the amount of salary increases, and the age of the employee. Fill out the blanks to determine your projected earnings, and the calculator will do the rest for you.