EPF calculator is a device which is used to calculate the EPF savings deposited by an employee at the end of the year. Here we are providing an online EPF calculator by using this online EPF calculator anyone across the country who are having EPF account can calculate their EPF savings and at the same time they can even know the Employers contribution towards the employee EPF and total savings on your EPF account and can calculate the total withdrawal amount during the time of retirement.
What is EPF?
Government of India established EPFO- Employees Provident Fund Organization to maintain the Employees Provident Fund (EPF). EPF is mandatory for all the Employees working under Public sector & Private sector, whose monthly salary is Rs 15000/-. Benefits will be paid at the time of retirement/ resignation/ Death of the employee. Employees can withdraw the partial amount from the EPF account for their personal uses like education of their children or to buy a house or to buy a plot or for the marriage of their children.
EPF Calculator Uses:
- By using the Online EPF Calculator anyone can calculate the Employees Provident Fund very easily.
- EPF Calculator enables the EPF account holder to determine the exact amount or EPF benefits at the time of their retirement.
- EPF Calculator helps the EPF account holder to know the monthly contribution of both the EPF account holder and the Employer.
How to use an Online EPF Calculator?Sponsored Links
Here we are giving some simple tips to use the Mortgage Calculator in a simple and easy way. To use the Mortgage Calculator, first you have to know the EPF account holder’s age, EPF account holder’s basic salary (monthly) EPF account holder’s contribution to Employee Provident Fund, EPF account holder’s average annual increase in salary, EPF account holder’s age of retirement, EPF account holder’s current EPF balance and the current rate of interest paid by the EPFO.
Procedure for using an online EPF Calculator:
- Enter EPF account holder’s age (in years) in your age field.
- Enter EPF account holder’s monthly basic salary in Basic Salary Field.
- Enter the EPF account holder’s monthly EPF contribution in Contribution to EPF field.
- Enter EPF account holder’s Employees EPF contribution in Employer’s Contribution to EPF field.
- Enter the average annual increase in the salary in the Average Annual Increase in Salary Field.
- Enter the EPF account holder’s retirement age in Retirement Age Filed.
- Enter the EPF account holder’s EPF balance in Current EPF Balance Field.
- Enter the interest rate offered by the EPFO in Current Interest Rate Field.
- After entering the entire information click the calculate button to know the total EPF amount you will be acquiring by the time of retirement.
How to Calculate EPF Manually?
Apart from EPF Calculator, EPF can also be calculated by using a Formula manually. By using the Formula anyone by using a pen and paper can calculate the EPF manually.
EPF Calculating Formula:
Total EPF balance at the end of the year = Balance at the end of 12 months (Employee Contribution + Employer Contribution) + sum of interest earned on every month of that particular year.
Procedure for using an EPF Calculating Formula Manually:
First add the EPF account holder’s monthly contribution for 12 months to that amount add the Employer 12 month’s contribution for employee, to the total sum add the interest earned by the EPF account holder on each month.Sponsored Links