Blogs EPF or PF Calculator : Calculate easily Provident Fund
 By Harsh Chauhan  Published On : 19/04/2023  Tools

EPF or PF Calculator online : (Calculate on the basis monthly salary and also gained interest)

How to Calculate Provident Fund Correctly ?

What is EPF (Employee Provident Fund) or PF ?

EPF is better known as "Employment Provident Fund". These funds are contributed both by the employees as well as the employers. These funds are managed by the EPFO is also called "Employee Provident Fund Organization". An organization having more than 20 employees on its board are required to have EPF accounts. This was passed under The Employees' Provident Funds Act 1952 in Parliament.

Employees whose salary is less than 15,000 INR (basic salary and dearness allowance) must open an EPF account. Morevoer an Universal Account Number (UAN) is helpful to transfer EPF info from one organization to another. Every month an employee should contribute a minimum of 12% of his salary. Even employers also contribute 12% of (base + DA) salary. But out of 12%, 3.67% goes into the EPF (Provident Fund) and another 8.33% goes into the EPS (Pension Scheme) account. You can withdraw your funds at the time of Retirement very easily. As it is managed by the Indian Government and also your invested amount increases, as every year your invested savings also gains interest (as decided by the Government) near about 8.1%. It is the safest and most prominent retirement scheme.

How does an epf calculator work ?

An epf calculator uses advanced technology to count the correct sum of the provident fund at the age of retirement. This calculator automatically counts 12% of the salary(basic + DA) along with 3.67% of the employer's contribution. With the help of this calculator one can easily find the lumpsum amount of his/her EPF.

The epf calculator will just ask for basic details like age, monthly salary, expected retirement age, your contribution towards epf in (%), etc. Using this provided information the PF calculator will find the amount of the provident fund.
One should enter valid information only to get real results.

What are the benefits of using an EPF calculator ?

There are so many benefits of using an PF calculator like,

  • 1) This can reduce your time in your calculation journey.
  • 2) One can easily get correct amount on every occasion.
  • 3) Calculator also alters itself in case of interest rate alterations.
  • 4) You will also get notifications regarding EPFO rate changes, and the latest jobs notifications, once you Registered with us..

What is the Formula to find EPF with an Example ?

Let us take an example, suppose Rahul earns 15,000 rs per month

So, at first, we have to calculate 12% of his salary (i.e 15,000 INR) which is equal to 1800 Rs. after the employer will also contribute 12%, out of which 3.67% will go to the EPF funds and other 8.33% to the EPS (Employee Pension Scheme account).
3.67% of 15,000 = 550.5

so the total contribution per month will around 1800 + 550.5 = 2350.5 Now every year 8.1% of interest will also be added to the amount till the age of retirement. This interest is not calculated in the first month. Suppose you contributed in March. Then the counting will start in April, like :

(contributions in may + contributions in April) = 2350.5 + 2350.5 = 4701,
then interest is calculated the same for the upcoming months till the age of retirement.

How to use Fixedjob's EPF Calculator ?

Step 1 : Enter details like Age, monthly salary, retirement age, and your EPF's contribution (generally 12%).
Step 2 : click on "Click Me" button
Step 3: The results will automatically be displayed after calculations are done as per the guidelines. .

Frequently Asked Questions
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Yes, it is absolutely free to use.
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One of the benefits of having a Universal Account Number (UAN) is that it remains the same, even if you change jobs. This means that you don't need to worry about updating your UAN every time you switch employers since it's a fixed and unchangeable number. This feature makes managing your EPF account more accessible and convenient for you. You can keep track of your EPF contributions, check your account balance, and estimate your savings without any hassle. So, even if you switch jobs, you can rest assured that your EPF the account is secure, and you can continue using the same EPF calculator.
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When it comes to your Employee Provident Fund (EPF) account, there are some important guidelines to keep in mind when it comes to withdrawing your savings. First and foremost, you can only withdraw the money for personal purposes, such as buying a home or paying for medical expenses. To be eligible for withdrawal, you must have completed seven years of service. Additionally, you can only withdraw money from your EPF account a maximum of three times during its duration. This means that you should carefully consider when and how you want to withdraw money from your account since you may not be able to do so again in the future.

It's also essential to note that you cannot withdraw more than 50% of your personal contribution to the EPF account. This means that the amount you can withdraw will depend on how much you've contributed to the account over the years.

Overall, it's crucial to keep these guidelines in mind when considering withdrawing money from your EPF account. While it can be tempting to access your savings, it's important to weigh the potential benefits against the restrictions and limitations that come with withdrawing from your account.

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Harsh Chauhan

Author Bio :

- By Harsh Chauhan

Harsh Chauhan is the founder of Fixedjob.in. He has helped many businesses to hire the right talents for their workspace. He is a self-taught programmer and created Fixedjob by himself at the age of 17. Moreover, he has great knowledge of business, technology and hiring systems.