What is EPF/PF calculator?
The EPF (Employees’ Provident Fund)/PF (Provident Fund) calculator is an online tool that helps employees calculate their provident fund deductions and contributions. EPF/PF is a retirement savings scheme mandated by the Employees’ Provident Fund Organisation (EPFO) in India. Under this scheme, both employees and employers contribute a fixed percentage of the employee’s basic salary towards the employee’s EPF/PF account every month.
The EPF/PF calculator allows you to enter details like your basic salary, EPF/PF contribution percentage, and it automatically calculates your monthly and annual EPF/PF deductions. It also shows your total contributions and accumulated EPF/PF balance based on the number of years of service entered.
What is usecase of it?
The EPF/PF calculator is useful for employees to estimate their monthly EPF/PF deductions and get an overview of the growth of their EPF/PF corpus over the years. This helps them plan their finances and retirement better. Employers can also use the EPF/PF calculator to determine the EPF/PF liability for their workforce based on salaries and contribution percentages. Overall, the online EPF/PF calculator offers a quick and convenient way to manage EPF/PF contributions for both employers and employees.