# EPF Calculator

# EPF Calculator

EPF (Employees’ Provident Fund) is a retirement benefits scheme for salaried employees in India. It is managed by the Employees’ Provident Fund Organisation (EPFO), and contributions are made by both the employer and the employee towards the employee’s retirement fund. Here’s how to calculate your EPF balance:

**Find out your basic salary and dearness allowance (DA) –** These are the two components of your salary that are used to calculate your EPF contributions. You can find this information on your salary slip.

**Calculate your EPF contribution –** Your EPF contribution is 12% of your basic salary and DA. This amount is contributed by your employer toward your EPF account.

**Calculate your employer’s contribution –** Your employer also contributes 12% of your basic salary and DA towards your EPF account. Additionally, your employer contributes 1.36% towards the Employee Pension Scheme (EPS), which is a component of your EPF.

**Calculate your total EPF balance** – Your EPF balance is the sum of your contributions, your employer’s contributions, and the interest earned on your balance. The interest rate is declared by the government every year.

**Here’s an example:**

#### Let’s say your basic salary is Rs. 20,000 and your DA is Rs. 5,000. Your total monthly salary is Rs. 25,000.

**Your EPF contribution is 12% of Rs. 25,000 = Rs. 3,000**

**Your employer’s EPF contribution is 12% of Rs. 25,000 = Rs. 3,000**

**Your employer’s EPS contribution is 8.33% of your basic salary and DA = 8.33% of (20,000 + 5,000) = Rs. 1,666.5**

Your total monthly contribution towards your EPF account is Rs. 7,666.5 (Rs. 3,000 from you, Rs. 3,000 from your employer towards EPF, and Rs. 1,666.5 from your employer towards EPS)

**Assuming an annual interest rate of 8%, your EPF balance after 10 years would be:**

**Total contribution over 10 years = 7,666.5 x 120 (months) = Rs. 919,980**

**Interest earned over 10 years = (919,980 x 8%) / 100 = Rs. 73,598.4**

**Total EPF balance = 919,980 + 73,598.4 = Rs. 993,578.4**

You can use this formula to calculate your EPF balance for any duration of time. Note that the interest rate may change every year, so you should use the current rate to get an accurate estimate of your EPF balance.