EPFO Calculator: Know how on Rs 16,000 basic salary you can accumulate over Rs 1.5 crore corpus at retirement
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.
Everyone wants to save some funds for retirement so that they can create their pension on their own. For that, people opt for different financial plans. One such option is EPFO in which both employee and employer contribute 12 per cent of basic salary plus dearness allowance (DS) every month.
Images: Pixabay, Pexels, Freepik
What are the benefits of EPF?
The main benefit is retirement benefit. EPF provides in the form of a pension.
Current interest rate on EPF?
Currently, an 8.25 per cent interest rate is being provided on EPF.
How to access EPF services?
You can access through online portal of EPF India from anywhere in the world.
Schemes Offered Under EPFO
Employees Provident Funds Scheme 1952 (EPF)
Employees' Pension Scheme 1995 (EPS)
Employees' Deposit Linked Insurance Scheme 1976 (EDLI)
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.
How is interest in EPF calculated?
The monthly interest on EPF programs is computed by dividing the annual rate by 12.
You can withdraw PF for the following needs:
Marriage purpose
Education
For specially-abled individuals
In case of unemployment
Medical emergencies
Home renovation etc.
Documents required for PF withdrawal
UAN (Universal Account Number)
Identity and address proof
Bank account details of the EPF subscriber
Cancelled cheque with IFSC code and account number
Know how a Rs 16,000 salary can give you over Rs 1.5 crore corpus at retirement
If your monthly salary is Rs 16,000 per month and you start investing at 22 years of age then you can accumulate a fund of Rs 1,50,00,000 at retirement.
Know Calculations of accumulating more than Rs 1.5 crore fund
On a yearly hike of 5 per cent in salary, you can invest Rs 34,32,754 starting at 22 till retirement. On this, you will get an interest of Rs 1,19,08,242 at an 8.25 per cent annual rate. The total maturity amount will be Rs 1,53,40,996.