EPFO: If you work in an organization, then 12 percent is contributed from your salary and EPF is contributed by the employer. Let us know about it in detail in the news below.
Both public and private sector employees are eligible to receive post-retirement benefits. Employees’ Provident Fund (EPF) was created when the Parliament approved the EPF Act.
The funds contributed to the Employer and Employee Permanent Account are managed by the EFPO, 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 towards EPF. The employer also contributes in the same way.
The money deposited by both the employee and the employer in a permanent account, identified by UAN or Unique Account Number, is under the care of the Employees’ Provident Fund Organization (EPFO) 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 matured amount will be shown in all the results.
How does EPF calculator work?
The employee pays 12% of his basic salary and dearness allowance in the EPF account every month. For example, employee’s contribution will be 12% of Rs.60,000 (assuming there is no DA) Employee’s contribution will be Rs.7,200.
