EPF Calculator: If you feel that your money will not be enough for your retirement needs, then you can also increase your contribution in PF fund if you want..
EPF Calculator: If you work in the organized sector and are a member of Employees’ Provident Fund Organization (EPFO), then your EPF will be deducted. But, how much money is deducted will be at the time of retirement and if there is no withdrawal in between then how much money will be received. If you want, you can find out how much money will be in your EPF account when you retire at the age of 58. Based on this, you can decide whether this money will be enough for your post-retirement needs.
Contribution can be increased in EPF
If you feel that your money will not be enough for retirement needs, then you can also increase your contribution in EPF fund if you want. However, for this you will have to talk to the HR of your company. You can also double your contribution if you want. This will be done through VPF- Voluntary Provident Fund. This will give you the advantage that your fund will also double.
Check how much fund will be received?
You must have got a salary slip every month. You can see in your salary slip how much is your Basic Salary and DA. 12% of the basic salary + DA of every employee goes to the EPF account. Apart from this, the company also contributes 12 percent of the basic salary + DA. The money collected by combining both the funds, gets interest (EPF interest rate). Interest is reviewed every year, but its advantage is that due to compounding interest, there is a double benefit in interest as well.
Your EPF will be Rs 1.30 crore on 10 thousand basic salary
| PF member age | 25 years |
| retirement age | 58 years |
| basic salary | 10,000 rupees |
| interest rate | 8.50% |
| annual increase in salary | 10% |
| total fund | Rs 1.30 crore |
What will be your EPF on 15,000 basic salary?
| PF member age | 25 years |
| retirement age | 58 years |
| basic salary | 15000 rupees |
| interest rate | 8.50% |
| annual increase in salary | 10% |
| total fund | 1.94 crores |
Note-
This calculation has been done at the current interest rate of 8.50% on EPF. The government reviews the interest rate on EPF every year.
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