EPF Account Balance :Employees Provident Fund (EPF) is such a retirement saving scheme, if you do not disturb it in between, you can get a big fund on retirement. If you want to see its proof, you can estimate it by checking the balance after a few years of employment. This scheme is managed by the Employees Provident Fund Organization (EPFO) throughout your employment. In this account, your money keeps getting deducted in the form of PF and interest also keeps getting added on the interest received on it. This scheme can secretly give you such a huge corpus, which can help you live comfortably in old age.
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All the tension of retirement will go away
If we think from today till retirement, then a corpus of at least Rs 2 crore to Rs 2.5 crore is necessary. Employees Provident Fund (EPF) account can remove this tension of yours, if you keep investing in it in a disciplined manner during your job. You can calculate it according to your basic salary in a few minutes. In this scheme, the employee has to deposit a part of his salary, while the company also contributes the same amount as the employee contributes. The amount of contribution is decided according to the salary structure. Every year the government decides the interest on the amount deposited in this EPF account. Currently the interest rate on this is 8.25 percent per annum.
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Account deposit rules
For EPF account, the employee has to contribute 12 percent of his basic salary and dearness allowance. The company or employer also contributes the same amount on its own behalf. Out of the company’s contribution, 8.33 percent goes to EPS i.e. pension fund. Whereas the company’s contribution in EPF is only 3.67 percent. In this way, by adding the amount of contribution of both, you can find out how much money will be deposited in the EPF account in a year.
EPF Calculator: Basic and DA should be Rs 30,000 at the age of 25
Employee Age: 25 years
Retirement age: 58 years
Basic Salary + DA: Rs 30,000
Employee contribution: 12%
Contribution from company: 3.67%
Annual Increment Estimate: 8%
Interest on PF: 8.25% per annum
Total contribution: Rs 55,99,680
Interest benefit: Rs 1,52,23,250
Fund on retirement: Rs 2,25,88,720 (about Rs 2.25 crore)
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How is interest calculated?
Basic Salary + Dearness Allowance (DA) = Rs 25,000
Employee contribution to EPF = 12% of Rs 25,000 = Rs 3000
Company’s contribution to EPF = 3.67% of Rs 25,000 = Rs 917.50
Company’s contribution to EPS = 8.33% of Rs 25,000 = Rs 2082.50
Monthly contribution to EPF account = Rs 3000 + Rs 917.50 = Rs 3817.50
This amount will be deposited in the EPF account every month and the fixed interest rate on it will be credited to the account. According to the annual interest rate of 8.25 percent, interest will be given at the rate of 0.6875 percent every month but it will be credited on the last day of the financial year. Your pension is decided by the amount that goes into EPS.
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EPFO: Check account balance anytime through online portal
- First of all go to EPFO Member Passbook portal.
- Now log in with the help of your UAN number i.e. Universal Account Number and password.
- If you are visiting this portal for the first time then you will have to activate the UAN number.
- Activate the UAN number by filling the OTP received on the mobile number registered with the help of Aadhar card and now log in with the help of UAN number and password.
- After logging in, if you have more than one PF account, select the account for which you want to check the balance.
- Click on View PF Passbook link to check your transaction history and balance of your EPF account.
- By doing this a new window will open. View your details by logging in again with the help of UAN number and password.
- To view the annual contribution, select the financial year under View Passbook.
UMANG App: Check balance from the app
- All government facilities including ePay balance check are available on UMANG app.
- Go to UMANG app and go to EPFO section.
- Now log in with the help of UAN number and password.
- Then you can see your EPF balance and other details.
