If you are also an EPFO account holder, then you can take a pension of this thousand every month, calculate the investment like this to get the money. Let’s know the whole process
Employees of both public and private sectors are eligible to receive post-retirement benefits. Employees’ Provident Fund (EPF) was created when the Parliament approved the EPF Act. The money contributed to the Employer and Employee Permanent Account is managed by the EPFO, which is designated by a Unique Account Number (UAN) as per the law. Employees can calculate their savings with accuracy using the EPF calculator.
Employees are required by law to contribute 12% of their basic monthly salary and deferred compensation to EPF. The employer is then asked to contribute similarly.
The money deposited by both the employee and the employer in the permanent account identified by the UAN is under the care of the Employees’ Provident Fund Organization of India. With the help of EPF calculator, you can calculate your savings correctly.
How to use EPF calculator?
- Enter your basic salary and your age.
- Employer’s contribution (EPS+EPF), total interest earned, and total maturity amount will be shown in all the results.
How does EPF calculator work?
The employee pays 12% of his basic salary and dearness allowance into the EPF account every month. For example, the employee’s contribution would be 12% of Rs 60,000 (assuming there is no DA), the employee’s contribution would be Rs 7,200.
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