EPF Calculator
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What is an EPF Calculator?
An EPF (Employees’ Provident Fund) Calculator is a financial tool used to calculate the amount of provident fund accumulations that an employee can expect to receive upon retirement or leaving their job. The Employees’ Provident Fund is a social security scheme in India that requires both employees and employers to contribute a portion of the employee’s salary to a provident fund account.
How can EPF Calculator help you?
Retirement planning: The EPF Calculator provides an estimate of the amount of provident fund accumulations you can expect to receive upon retirement, which can help you plan your finances and make informed decisions about your future.
Job change planning: If you are considering leaving your current job, the EPF Calculator can provide an estimate of the amount of provident fund accumulations you can expect to receive from your previous employer, which can help you plan your finances and make informed decisions about your future.
Savings planning: By entering your current salary and contribution to the EPF, the EPF Calculator can provide an estimate of the amount of provident fund accumulations you can expect to receive, which can help you plan your savings and investments accordingly.
Understanding your EPF contributions: The EPF Calculator provides a clear picture of your EPF contributions and the amount of accumulations you can expect to receive, which can help you understand the impact of your contributions and the growth of your provident fund account over time.
How to use the SwiftTax EPF Calculator?
Here are the steps to use the SwiftTax EPF calculator:
- Visit the SwiftTax website, click Calculators, and select the “EPF Calculator” option.
- Enter your current salary: This is the amount you currently earn.
- Enter your EPF contribution: This is the portion of your salary that you contribute to the EPF, typically 12% of your salary.
- Enter the number of years of contribution: This is the number of years you have been contributing to the EPF.
- After entering the above information, press the “calculate” button to see the estimated provident fund accumulations.
- Review the results to see the estimated provident fund accumulations and check if it aligns with your expectations.
Additionally, it’s important to note that the estimated provident fund accumulations are only an estimate and may not reflect the actual amount you will receive. The actual amount may depend on various factors such as your current salary, contribution to the EPF, and the number of years of contribution.