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epf-calculator
Importance of an EPF Calculator
Employees' Provident Fund (EPF) is a popular savings scheme introduced in the year 1952 with the sole aim of providing protection to employees for loss of income in the event of retirement, death, or permanent disability. Initially, it was established as an Employees' Provident Institution (EPI), which was later changed to EPF.
The EPF scheme is a boon for the salaried class. It offers numerous benefits to the employee which he can avail himself in his later years. However, many employees are generally unaware of the importance of contributing a part of their salary towards this scheme. So here we’re sharing a few tips that might help you in knowing the importance of EPF and taking advantage of it. We also listed out some important features and facts that every employee should know about the EPF scheme.
Employee's Provident Fund (EPF) is one of the main sources of income for many Indians after they retire from their jobs. A person doesn't have to work for a company in order to apply for an EPF account. If you are employed and if your monthly income crosses Rs 15,000, you must make an entry into the EPF account. After retirement, you can utilize the corpus in the EPF account for your financial needs.
What is an Employee Provident Fund (EPF)?
The Employee Provident Fund (EPF) Scheme was introduced in the year 1952, primarily for the benefit of the salaried class to provide financial support during post-retirement or unemployment. An employee provident fund is a savings vehicle for employees to accumulate funds for their retirement and other specific purposes. Contributions made by both employees and employers are pooled together and invested in a trust. The EPF is a tax-free investment instrument that allows you to save for retirement, medical assistance after retirement, a scholarship for your children, and any other financial emergencies you face in life.
Employers make the contributions on behalf of their employees; these contributions are taxed by the employer at the time of deposit but are exempt from tax on the withdrawal.
What is an EPF Calculator?
EPF Calculator is a simple and easy-to-use calculator for EPF Return Calculation. It quickly calculates the return on your EPF contribution within a few minutes. With the exclusive EPF Calculator, it is easier than ever before to know your EPF balance and find what percentage of return you have earned on your monthly EPF contributions in the past years. It's the simplest way to calculate your returns on your monthly contributions.
How to Use an EPF Calculator?
An EPF calculator will help you estimate the amount of money in your Employee Provident Fund account at retirement. You just need to enter the current balance of your EPF or Pension fund account and your employer's contribution toward your EPF. Further, enter an expected growth rate in your salary until your retirement, which will help you increase EPF contributions every year. The rate of interest on EPF is revised yearly; you can change it as per your future expectations.
What are the Required Details for an EPF Calculator
To use any specific EPF Calculator you will need to fill in a few details related to your EPF Account, which are:
- Current Age
- Retirement Age
- Current EPF Balance
- Employee Contribution
- Employer Contribution
- Growth Rate in EPF Contribution
- Rate of Interest
- Current Pension Fund Balance
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