The Employees' Provident Fund (EPF) calculator is a tool used to calculate the retirement savings accumulated in the EPF account. The EPF is a retirement savings scheme in India, where both the employee and employer contribute a certain percentage of the employee's salary towards the EPF account.
Here are the steps to use an EPF calculator:
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Enter your basic monthly salary.
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Enter your monthly DA (Dearness Allowance) or any other allowances which are eligible for EPF contributions.
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Select your age, current EPF balance, and the age at which you plan to retire.
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Enter the percentage of contribution made by you and your employer.
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Click on the "calculate" button.
The EPF calculator will then calculate the total contribution made towards your EPF account, along with the interest accrued over the years. It will also provide an estimate of the retirement corpus that you will accumulate at the age of retirement, assuming a steady rate of return on your EPF contributions.
Please note that the EPF calculator is an estimate and the actual amount may vary based on various factors such as changes in your salary, changes in the EPF interest rate, and so on.
Employee’s contribution towards EPF = 12% of (Basic pay + DA)
12% of employer’s contribution is divided into two parts, 8.33% towards employee’s pension scheme (EPS) and 3.67% towards Provident fund.
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