Interest on EPF has increased, if PF is deducted then how much fund will be available on retirement, calculate on basic + DA of Rs 15 thousand

EPF New Calculator :Making a big announcement for PF account holders, EPFO ​​has increased the interest rate on this account from 8.15 percent to 8.25 percent. This means that now EPF members will get the benefit of 8.25 percent interest. Earlier in February, the Central Board of Trustees, the committee that takes decisions regarding PF, had announced an interest rate of 8.25 percent, which has now been approved by the government. Employees Provident Fund i.e. EPF account has now become more attractive and beneficial than before. You would also like to know how much benefit you will get on retirement at this interest rate.

If you do a private job or a government job in an organized firm, then a part of your salary is deducted and deposited in the Employees Provident Fund account. Employees Provident Fund is a retirement savings scheme. The work of managing this account is being done by the Employees Provident Fund Organization (EPFO). The purpose of this account is to provide major financial support to the employees on retirement.

You can earn 60 thousand rupees every month by investing money in PPF, that too completely tax free

How money is deposited into the account

For EPF account, the employee has to contribute 12% of his salary which is made up of basic salary and dearness allowance. The company or employer also contributes the same amount from its side. Out of the company’s contribution, 8.33% goes to EPS i.e. pension fund. Whereas the company’s contribution to EPF is only 3.67%. Every year the government decides the interest on the amount deposited in the EPF account. Currently the interest rate on this is 8.25% per annum.

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Retirement Fund: Rs 15,000 on Basic + DA

Age of the employee: 25 years
Retirement age: 60 years
Basic Salary + DA: Rs 15,000
Contribution from employee: 12%
Contribution from company: 3.67%
Annual increment estimate: 5%
Interest on PF: 8.25% p.a.
Total contribution: Rs 27,03,243
Fund on retirement: Rs 1,08,62,895 (around Rs 1.10 crore)
Total interest benefit: Rs 81,59,652 (about Rs 81.60 lakh)

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How much balance is there in your EPF account, check it like this

UMANG App

You can download the Umang app on your mobile and register yourself by giving necessary information. After opening the app, choose the EPFO ​​option and then select ‘View Passbook’. After this, press Budget to see your passbook balance. Then enter your UAN number and password, after which an OTP will come on the mobile number; after entering this, your passbook will open in front of you.

EPFO Members Portal

First of all open the EPFO ​​website, then go to the Employees section. After this click on ‘Member Passbook’. Now use your UAN and password to access your PF details here. After which OTP will come on the mobile number; enter it and your passbook will open in front of you.

missed calls

Apart from these methods, you also have the option of missed call. For this, you have to make a missed call from your UAN registered mobile number to 7738299899. Here you will get an SMS with the details of your new contribution and balance.

Via SMS

You can also check the balance through SMS. For this, you need to send an SMS with the message ‘UAN EPFOHO ENG’ (or their code for information in another language) to 7738299899. For this method to work, make sure that your UAN is linked to your bank account, Aadhaar and PAN.