EPF Calculator
The EPF calculator is one of the most trusted retirement savings schemes for salaried employees in India. It is governed by the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 and is managed by the Employees’ Provident Fund Organisation (EPFO). EPF serves as a long-term financial security tool, ensuring that employees have a substantial corpus when they retire or in case of emergencies.
EPF Calculator
Input Parameters
About EPF Calculation
The Employee Provident Fund (EPF) is a retirement savings scheme in India. Employee contributes 12% of basic salary and the employer also contributes 12%, with 3.67% going to EPF and 8.33% to EPS (capped at ₹1,250 for basic salary over ₹15,000).
Total EPF Corpus at Retirement
Total Investment
Total Tax Savings (Sec 80C)
Corpus Value After Inflation
EPF Corpus Growth
Contribution Breakdown
Your Contribution
₹0
12% of Basic + DA
Employer's Contribution
₹0
3.67% EPF + 8.33% EPS
Monthly Contribution
₹0
Employee + Employer
Retirement Benefits
EPF Corpus
₹0
Lump sum amount at retirement
EPS Pension (Estimated)
₹0/month
Based on service years & wage ceiling
Note: All calculations are estimations based on current inputs and may vary based on actual EPF rules, interest rate changes, and other factors.
What is EPF?
The Employee Provident Fund is a compulsory savings scheme for salaried employees. It is designed to help employees accumulate a retirement corpus by making monthly contributions during their employment tenure.
How EPF Works:
- Both the employer and employee contribute 12% of the employee’s basic salary + dearness allowance into the fund every month.
- The EPFO manages this fund and pays an interest annually (the current EPF interest rate is around 8.15% for FY 2023-24).
- Upon retirement or under specific conditions, the employee can withdraw the accumulated corpus.
What is the EPF Calculator?
The EPF calculator is an online tool that helps you estimate the total amount accumulated in your EPF account over a period. It calculates the corpus based on:
- Monthly contribution by employee
- Employer’s contribution
- Current EPF interest rate
- Number of years of service
It helps you understand how much you will save by the time you retire or leave your job. It’s especially useful for financial planning and evaluating whether your retirement savings are on track.
Components of an EPF Calculator?
An EPF calculator typically requires the following inputs:
- Basic Monthly Salary (₹): This includes basic pay and dearness allowance.
- Age: Current age of the employee.
- Retirement Age: Usually considered 58 or 60 years.
- Employee Contribution (%): Typically 12%.
- Employer Contribution (%): Standard is 12% (3.67% to EPF, rest to EPS).
- Current EPF Balance (if any): Existing amount in EPF.
- Interest Rate (%): For example, 8.25% per annum.
Based on these inputs, the calculator estimates:
- Monthly contributions by both employee and employer
- Interest earned
- Yearly and total accumulation
- Final EPF corpus at the time of retirement
Eligibility for EPF?
- EPF is mandatory for salaried employees earning up to ₹15,000 per month in basic wages.
- Employees earning more than ₹15,000 can voluntarily opt-in for EPF if both employer and employee agree.
- All establishments with 20 or more employees must register under EPFO.
- Some smaller companies (less than 20 employees) may also join voluntarily.
EPF Account and UAN (Universal Account Number)?
The EPFO assigns a Universal Account Number (UAN) to every employee enrolled in the EPF scheme. This UAN remains the same throughout an individual’s career, even when they change jobs.
Benefits of UAN:
- Allows employees to manage their EPF accounts online.
- Helps in transferring EPF balance from one employer to another.
- Enables easy withdrawal and tracking of contributions.
- Reduces dependency on employers for EPF-related information.
EPF Interest Rate?
The interest on EPF is decided annually by the EPFO, in consultation with the Ministry of Labour and Finance.
Historical Interest Rates:
| Financial Year | EPF Interest Rate |
|---|---|
| 2023-24 | 8.15% |
| 2022-23 | 8.10% |
| 2021-22 | 8.10% |
| 2020-21 | 8.50% |
EPF Benefits?
1. Retirement Savings:
The primary objective is to provide financial security after retirement.
2. Tax Benefits:
- EPF contributions qualify for deductions under Section 80C of the Income Tax Act.
- The interest earned and the final corpus are tax-exempt under EEE (Exempt-Exempt-Exempt) category, subject to rules.
3. Insurance under EDLI:
An employee is automatically covered under the Employees’ Deposit Linked Insurance Scheme, which provides a life insurance benefit up to ₹7 lakhs.
4. Partial Withdrawals:
Employees can partially withdraw funds for:
- Medical treatment
- Marriage
- Higher education
- Purchase/construction of a house
5. Loan Against EPF:
Though not technically a loan, partial advances can be withdrawn under certain conditions.
EPF vs. Other Retirement Schemes?
| Feature | EPF | PPF | NPS |
|---|---|---|---|
| Eligibility | Salaried employees only | Anyone | Anyone |
| Employer Contribution | Yes | No | Optional (Govt. for govt. staff) |
| Lock-in Period | Till retirement | 15 years (extendable) | Till age 60 |
| Interest Rate | 8.15% (FY 2023-24) | ~7.1% (variable) | Market-linked (8-10% avg.) |
| Tax Benefit | EEE (subject to rules) | EEE | EET |
| Liquidity | Partial withdrawal allowed | Partial after 5 years | Limited before age 60 |
FAQs on EPF Calculator
Q1. Can I contribute more than 12% to EPF?
Yes. This is called the Voluntary Provident Fund (VPF). You can contribute up to 100% of your basic salary. However, employers are not bound to match the excess contribution.
Q2. Is EPF mandatory for all employees?
For employees with basic pay up to ₹15,000, it is mandatory. Above that, it’s optional but commonly adopted.
Q3. Can I withdraw EPF without leaving the job?
Only partial withdrawals are allowed for specific reasons. Full withdrawal is only allowed after retirement or prolonged unemployment.
Q4. How can I check my EPF balance?
- Through the EPFO portal
- Via SMS (Send EPFOHO UAN to 7738299899)
- UMANG app
- Missed call to 9966044425
Q5. What happens if I don’t withdraw EPF after leaving the job?
Interest is paid for up to 3 years from the date of leaving, after which the account becomes inoperative.
Q6. Is the EPF calculator free to use?
Yes, EPF calculators available online are free and can be used anytime.
Q7. Can I change the interest rate in the calculator?
Yes, most calculators allow editing the interest rate. The default is the current EPFO rate.
Q8. Is the employer’s full 12% contribution added to EPF?
No. Only 3.67% goes to EPF. 8.33% goes to EPS (pension scheme).
Q9. Can EPF calculators handle salary increments?
Some advanced calculators allow you to input expected yearly hikes. Basic ones assume a fixed salary.
Q10. Can I use this for multiple job changes?
The calculator assumes continuity. For job switches, you can add your previous EPF balance to the “current balance” input.