Workers in the public and private sectors are both eligible to receive post-retirement benefits. The Employee Provident Fund (EPF) was created when Parliament approved the EPF Act. The money that the employer and the employee contribute to a permanent account is managed by the EFPO, which is designated by a Unique Account Number (UAN), in accordance with the law. With the use of an EPF calculator, the employees may calculate their savings with accuracy.
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Employees are required by law to contribute 12% of their basic monthly salaries and deferred compensation to the EPF. The employer is then compelled to contribute similarly.
The money deposited by both the employee and the employer in a permanent account, identified by a UAN or Unique Account Number, is under the supervision of the Employees Provident Fund Organisation of India (or EFPO). You can accurately assess your savings with the aid of an EPF calculator.
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How to use the EPF calculator?
- Enter your basic salary and your age.
- The employer’s contribution (EPS+EPF), total interest earned, and total maturity sum will all be shown in the results.
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How does the EPF calculator work?
The employee pays 12% of their base salary and Dearness Allowance into the EPF account each month. For instance, the employee contribution will be 12% of Rs 60,000 (assuming there is no DA), the employee contribution will be 7,200.
