Launch Notes:
Whether the employee works in a private or a public sector, understanding the Employee Provident Fund is an essential knowledge for the smooth settlement of retirement period. But how can an employee calculate the amount in Provident Fund?
This blog suggests a simple way how EPF Calculator simplifies the process. Let’s dive in.
What is Employee Provident Fund?
The Employee Provident Fund (EPF) is a welfare scheme designed in order to encourage the act of savings in employees. The accumulated funds are useful for the employee in their post-retirement stage and enhance a smooth and settled life. Under this scheme, both the employer and the employee put up with the savings. The Employee Provident Fund Organization (EPFO) manages this fund. The EPF rate is fixed as 8.25 % per annum in the year 2024.
Companies with 20 or more employees are supposed to offer the Employee Provident Fund. EPF is one of the most preferred ways of savings and it ensures future financial security.
Benefits of Employee Provident Fund:
There are various benefits that you can gain from the EPF, and they include,
Financial Stability: EPF acts as a great plus for the employees, and it ensures financial security and peace of mind for the employees.
Addition of Employer’s Share: In Employee Provident Fund, in addition to the employee’s share, the employer also contributes to the EPF. This leads to an addition in retirement corpus.
Emergency Withdrawal: EPF provides the facility of withdrawing the available fund at the intermediate time in case of emergency.
Easy Transfer Process: If the employee changes from the current job to another one, the PF amount can also be transferred easily and quickly from the old employer to the new employer.
What is Employee Provident Fund Calculator?
The Employee Provident Fund Calculator is the online tool used to calculate the balance EPF amount in retirement stage. Only the basic data is needed for this calculation.
Details to be Input in Online Employee Provident Fund Calculator:
For calculating the EPF amount using an online calculator, the following basic details are needed, and they are as follows.
- Monthly Salary
- Your Contribution to EPF %
- Your Age
- Annual Increase in Salary %
Inputting all these details and simply clicking the Calculate button gives the EPF.
Benefits of Using Employee Provident Fund Calculator:
Accurate Calculation of EPF:
Using Employee Provident Fund Calculator performs accurate calculations. It reduces the risks of errors that occur in manual calculations.
Effective Post retirement Planning:
By calculating the EPF accurately, the employee can take quick and wise decisions to spend the post-retirement period effectively.
Easy-to-use tool:
The Employee PF Calculator of InvoiceTemple is an easy tool, where only a few clicks are needed to complete the process and absolutely it is a free tool.
Closing Notes:
The Employment Provident Fund is a savings scheme, where the employee can plan the post-retirement stability in a better way.
Use the EPF calculator of InvoiceTemple as a valuable tool for your retirement plan, make informed decisions, and ensure a safe, comfortable, and satisfying retirement with free invoicing software for your small business.
