PF Calculator: Calculate Employee Provident Fund (EPF)

PF calculator is an easy-to-use online calculator that helps in estimating the EPF Corpus. You can estimate if the accumulated corpus is enough to take care of retirement. You have to only enter the details like your age, basic monthly salary, annual expected salary increases, and current EPF balance. Employee’s and Employer’s monthly contributions to EPF are fixed in the calculator at 12% and 3.67% respectively.

What is Employee Provident Fund (EPF)?

The Employee Provident Fund (EPF) is a small saving scheme meant for retirement for salaried employees in the private sector, it is managed by The Employees Provident Fund Organization (EPFO). Any organization that has more than 20 employees must register with the EPFO. In the EPF scheme, an amount (from your basic salary) is deposited by you and a matching amount is contributed by your employer and is put into the EPF account. The amount collected in the EPF account is provided to the employees along with interest after they retire.

The employees covered under the EPF act automatically get three statutory benefits namely:

1. Provident Fund
2. Pension, under ‘Employee Pension Scheme (EPS), 1995’
3. Term Life Insurance Cover Linked to Provident Fund, under ‘Employees Deposit Linked Insurance Scheme (EDLIS), 1972’

How PF is calculated?

The Provident Fund is calculated on the basis of contributions made by the employee, employer, and the Government. The details of contributions made by employees, employers, and the Government can be seen in the below table. Salary is calculated as,

Salary = Basic Wages + D.A + Retaining Allowance + Cash value of Food Concessions

Summary of Contributions:

How to Check EPF balance?

EPF balance can be checked in multiple ways, the summary of the same is shown in the below table

EPFO benefits

How can the PF calculator help you?

The provident calculator is a very useful tool in a number of ways

1. Provident Fund Calculator helps you estimate the amount at the time of retirement within seconds and in this way, you can plan your financial life well in advance
2. The PF calculator has already inbuilt features such as prevailing interest rate and contribution ratios as fixed by EPFO and by adding other relevant details you can arrive at the results within a fraction of a second.