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To calculate the EPF balance at the time of retirement is very hard in the past. Now, in the present times by introducing EPF calculator the calculation of EPF balance became easy. EPF calculator is an online tool used to know what will be the balance in employee’s provident fund account when the employer gets retired. Since it is online, it can be used anywhere and at any-time. EPF calculator takes some details of your account balance and income and calculates what will be the retire time balance.
How to use EPF Calculator
A list of is to be given to the calculator they are:
1. Present age of the employer
2. What is retirement age
3. EPF account balance at present
4. Employee contribution in EPF
5. Employer contribution in EPF
6. Salary growth rate
7. Current pension fund balance
Present EPF account balance
Monthly contributions of an employee give to EPF account maintains a balance for yourself. Your account balance can be known through online, via SMS or Missed call or via mobile.
The employee’s contribution is 12% which goes straight into the account. This is your contribution towards the EPF account.
The employer’s contribution is divided into five costs (EPF, EPS, EDLIS, EPF admin charges and EDLIS admin charges)
- 3.67% is contributed to EPF
- 8.33% is contributed to EPS
- 0.5% is contributed to EDLIS
- 0.85% is contributed to EPF admin charges
- 0.01% is contributed to EDLIS admin charges
An employer should enter the expected growth or hike percentage in his salary. This is equal to the salary growth rate.
Rate of interest
The rate at which an employee expects the returns of his EPF.
Current pension fund balance
It is mentioned in the passbook of EPF which is a part of EPS.
Segregation of Your EPF Contribution
EPF, EPS and EDLIS are calculated on the basis of your Basic + Dearness Allowance (DA) (including cash value of any food concession allowed to the employee) + Retaining Allowance (RA) if any. (Retaining Allowance means allowance payable for the time being to an employee of any factory or other establishment during any period in which the establishment is not working, for retaining his services.)
What is Employee Provident Fund (EPF)?
The Employees’ Provident Fund Organization (abbreviated to EPFO), is an Organization tasked to assist the Central Board of Trustees, a statutory body formed by the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 and is under the administrative control of the Ministry of Labor and Employment, Government of India.
EPFO assists the Central Board in administering a compulsory contributory Provident Fund Scheme, a Pension Scheme and an Insurance Scheme for the workforce engaged in the organized sector in India. It is also the nodal agency for implementing Bilateral Social Security Agreements with other countries on a reciprocal basis. The schemes cover Indian workers as well as International workers (for countries with which bilateral agreements have been signed. As of now 17 Social Security Agreements are operational).It is one of the largest social security organizations in India in terms of the number of covered beneficiaries and the volume of financial transactions undertaken.
- Go to www.epfindia.com/site_en/
- Click on the ‘e-passbook’ option.
- This will direct you to the Member Passbook Facility page. Enter your UAN number and Password to log in.
Note: Remember, passbook will be available only after you are registered on the Member Portal.
EPFO subscribers can now view their passbook and balance via the ‘View Passbook’ option
One can obtain their balance by using EPFO’s app – m-epf.
- Subscribers are required to select the ‘Member’ option.
- Select ‘Balance/e-Passbook’ option.
- Enter UAN number and password.
- View your passbook and balance
Make sure you are using the correct mobile number for giving a missed call. You have already updated your mobile number on UAN portal while activating your UAN. If you have changed this number and your correct mobile number is not updated on UAN portal, then you need to update the correct mobile number first.
After giving miss call, you will receive an SMS in response to that missed call from EPFOHO
This is a 12-digit number allotted to employee who is contributing to EPF will be generated for each of the PF member by EPFO. The UAN will act as an umbrella for the multiple Member Ids allotted to an individual by different establishments and also remains same through the lifetime of an employee. It does not change with the change in jobs. The idea is to link multiple Member Identification Numbers (Member Id) allotted to a single member under single Universal Account Number. This will help the member to view details of all the Member Identification Numbers (Member Id) linked to it. The major contribution of it is no two members will have the same UAN number.
How to Transfer Your EPF Money Online in 15 Steps
Step 1: Go to the EPFO website, epfindia.com.
Step 2: The home page will show a section called ‘online transfer claim portal’. Click on it.
Step 3: Before logging in, check if you can apply online. If not, you will have to submit a physical copy of Form 13 to either your present or your previous employer.
Step 4: After checking the eligibility, log in and go to the claims section. There, click on ‘request for transfer of funds’
Step 5: Form 13 will open. Fill your PF numbers with both previous and current employers and click on ‘click here to get details’. The name and address of the establishment, the PF account held by the EPFO and your name will appear on the screen.
Step 6: Your date of joining, date of leaving and father/spouse’s name also appear. This is to make sure that the money is transferred to the right account
Step 7: You will be asked if you want to get the claim attested through your previous employer or your present employer
Step 8: You will have to type the characters shown in the text box and click on “Get Pin”. You will then have to agree to the declaration in the form by clicking on “I Agree”.
Step 9: Enter the PIN received on the registered mobile. The application is submitted.
Step 10: Tracking ID is generated.
Step 11: The form will be saved in the system. You have to take a printout of its PDF version, sign it and submit it to the employer within 15 days.
Step 12: Note down the contact details of people authorized to sign on the form. These are shown after the form is submitted.
Step 13: Present and previous employers will verify your details electronically.
Step 14: Once approval comes from both employers, funds are credited to the member’s account by the EPFO branch office.
Step 15: The employer plays an important role in this process by verifying the authenticity and signature of the employee.
Benefits Of EPF:
Employee Provident Fund is a very important investment for the necessities of our future. The tax-free interest and the maturity award ensure a very good growth to your money. If the PF money continued for a very long period of time, it can help in meeting employee’s requirements including his retirement goals. We often fall short of funds during emergencies and at those moments borrowing is the only option left. At this time the EPF can be very helpful because the kinds of benefits it provides no other investment can offer the similar remunerations: The PF can be used for multiple purposes at different moments as it guarantees benefits such as:
- Accumulation plus interest upon retirement, resignation and death
- Partial withdrawals allowed for specific expenses such as house construction, higher education, marriage, illness etc
Can I withdraw my EPF money?
It is important to note that withdrawal of the EPF account by a salaried employee between switching jobs his or her jobs is illegal. As per PF withdrawal rules, a salaried employee can withdraw a provident fund account on two counts; first, if he or she has no job and second, if two months have elapsed since his or her last employment (not attached to any organization or unemployed for 2 months).
1. Construction / Purchase of a House including acquisition of site or plot for such purpose
2. Addition / Repair to the existing house
3. Repayment of loans
4. Medical Treatment in case of certain major Illness
5. Marriage or Education
6. Withdrawal within one year before the retirement
NOTE : It is illegal to withdraw your PF between jobs.