EPFO Calculation: The central government decides the interest on an annual basis under the Employees’ Provident Fund account. Currently, the government is giving 8.25 percent interest under the PF account.
EPFO calculation: The Employees’ Provident Fund Organization (EPFO) is an institution that deposits retirement funds for private sector employees. It also gives the benefit of schemes like pension (EPFO Pension Scheme). Under the Employees’ Provident Fund (EPF) account, equal contribution is made by both the employee and the employer. The government gives annual interest on this. This accumulates a large amount with the employees till retirement. In such a situation, if you want to deposit crores of rupees under EPFO, then let us know how much contribution you will have to pay?
How much interest does the government give?
The central government decides the interest (EPF Interest Rate) on an annual basis under the Employees’ Provident Fund account. Right now the government is giving 8.25 percent interest under PF account. This interest is deposited in the account of the employees every year. There is no tax on the interest deposited in PF, because it is a tax free scheme.
Also Read- EPF Account Balance Check: Interest money has arrived in EPFO account, check balance immediately using these methods
Funds can be withdrawn in emergency
EPFO also allows employees to withdraw money in emergency (EPFO Emergency Fund). Employees can withdraw emergency funds from their EPF to meet specific costs like further education, marriage, house construction and illness.
How much contribution for 3 to 5 crores?
- To get Rs 3 crore on retirement, the employee will have to contribute Rs 8,400 every month for 40 years. On maturity, you will get a total of Rs 3,01,94,804 at the current interest rate of 8.25 percent.
- If you want to get Rs 4 crore on retirement, then you will have to contribute Rs 11,200 every month for 40 years. Then on maturity, you will get a total of Rs 4,02,59,738 at the current interest rate of 8.25 percent.
- On the other hand, if you want to deposit Rs 5 crore on retirement, then you will have to contribute Rs 12,000 every month for 40 years. After retirement, you will get Rs 5,08,70,991 at the interest rate of 8.25 percent.
How to check EPF balance?
If your mobile number is linked to EPF account, then balance can be checked by giving a missed call to 9966044425. Balance can be checked by sending SMS by writing ‘EPFOHO UAN ENG’ to 7738299899. Balance can be checked by logging in to EPF passbook page. Balance can also be checked from Umang app.
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