Plan your retirement effectively with our EPF Calculator. Input your basic salary, contribution percentages, interest rate, and tenure to estimate your EPF balance at retirement.
The Employees' Provident Fund (EPF) is a mandatory retirement savings scheme for salaried employees in India. Both employees and employers contribute a portion of the employee's salary to the EPF account, which earns interest and accumulates over time, providing financial security post-retirement.
A = P × [(1 + r/n)nt – 1] / (r/n)| Year | Opening Balance | Interest Earned | Employee Contribution | Employer Contribution | Closing Balance |
|---|---|---|---|---|---|
| 1 | ₹1,20,000 | ₹9,600 | ₹14,400 | ₹14,400 | ₹1,58,400 |
| 2 | ₹1,58,400 | ₹12,672 | ₹14,400 | ₹14,400 | ₹1,99,872 |
| 3 | ₹1,99,872 | ₹15,989 | ₹14,400 | ₹14,400 | ₹2,44,661 |
EPF interest is calculated monthly but credited annually. The interest is compounded monthly on the balance in your EPF account.
Yes, partial withdrawals are allowed under specific circumstances such as medical emergencies, higher education, or purchasing a house.
The EPF interest rate is set annually by the Employees' Provident Fund Organisation (EPFO). For the financial year 2023-24, the rate is 8.1%.
You can check your EPF balance via the EPFO portal, UMANG app, by sending an SMS, or giving a missed call linked to your UAN and registered mobile number.
Your EPF account is linked to your UAN, which remains the same even if you switch jobs. You can transfer your EPF balance from the old employer to the new one online via the EPFO portal.
Yes, EPF is mandatory for employees earning a basic salary of up to ₹15,000 per month. However, employees with higher salaries can also voluntarily contribute to EPF with employer consent.