What is an EPF Calculator?
An EPF (Employees' Provident Fund) calculator is a financial tool used to estimate the accumulated provident fund balance at the time of retirement. It takes into account the monthly salary including dearness allowance (DA), current age, employee and employer contributions, EPF interest rate, and any existing EPF balance. By inputting these parameters, the calculator projects the total EPF balance you can expect to have when you retire.
Usage of the EPF Calculator
- Planning Retirement: Helps employees understand how much savings they will have in their EPF account by the time they retire.
- Financial Planning: Assists in financial planning by providing insights into future savings and making necessary adjustments to contributions.
- Decision Making: Aids in decision making related to employment benefits and additional voluntary contributions to the EPF.
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