EPF Calculator: Age 24, basic salary Rs 19,000; by what age can you accumulate over Rs 1.5 crore retirement corpus? See calculations to know that
EPF Calculator: If your monthly basic salary is Rs 19,000 per month and your age is 24 years then you can accumulate a fund of Rs 1,50,00,000 at retirement.
The Employee Provident Fund Organisation (EPFO) intends to roll out a new version of EPFO i.e. EPFO 3.0 soon. After this new version, EPFO subscribers might be able to withdraw their provident fund (PF) through ATMs from a debit card-style facility.
What is EPFO?
EPFO is a statutory body that manages India's provident funds and social security.
What will be the other features of EPFO 3.0?
You might be able to convert PF into a pension and also contributing 12 per cent limit will be removed.
Limit on PF withdrawal through ATMs
Withdrawals will be limited, ensuring that retirement funds are preserved while providing liquidity for emergencies.
Aim of EPFO 3.0
The Ministry aims that employees should get the facility to save at their convenience.
What is the current interest rate on EPF?
Currently, EPFO is paying 8.25 per cent interest rate annually.
How to access EPF services?
You can access through online portal of EPF India from anywhere in the world.
What is UAN?
EPFO assigns each member a 12-digit number known as the UAN (universal account number). Even if an employee changes employers, his or her UAN remains the same.
Age 24, know how a Rs 19,000 salary can give you over Rs 1.5 crore corpus at retirement
If your monthly basic salary is Rs 19,000 per month and your age is 24 years then you can accumulate a fund of Rs 1,50,00,000 at retirement.
Know Calculations
Total investment: 36,31,230
Period: 36 years
Retirement corpus: 1,51,19,449
Total interest: 1,14,88,219
Annual salary increase: 5%