EPF Excel Calculator| Employee Provident Fund| How to Calculate EPF interest with EPF interest rate

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274 هزار بار بازدید - 4 سال پیش - EPF Excel Calculator| Employee Provident
EPF Excel Calculator| Employee Provident Fund| How to Calculate EPF interest with EPF interest rate & Balance
In this video by FinCalC TV, we will see EPF (Employee Provident Fund) interest calculation using Excel and how to calculate interest in EPF with latest EPF interest rate and (check) EPF balance. Every salaried person gets the opportunity to save 12% of basic salary in EPF or PF account in which interest is calculated on monthly basis and compounded annually. EPF compounding frequency is annual. Employer matches the contribution with employee's contribution.

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After watching this video following queries will be solved:
What is PF or EPF (Employee provident fund)
Employee share in EPF is 12% of basic salary
What is employer percentage share in EPF
What is employee percentage share in EPF
Employer share in EPF is 3.67% of basic salary
Employer share in EPS is 8.33% of basic salary
How to calculate interest in epf
EPF interest rate in 2018, 2019, 2020, 2021, 2022
What is EPF interest compounding frequency
How to check epf balance
What is VPF (voluntary provident fund contribution)
What is UAN (Universal Account number)
EPF withdrawal or EPF maturity

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What is EPF?
Under EPF scheme, an employee has to pay a certain contribution towards the scheme and an equal contribution is paid by the employer. The employee gets a lump sum amount including self and employer's contribution with interest on both, on retirement.

Contribution by employer and employee:
The contribution paid by the employer is 12 per cent of basic wages plus dearness allowance plus retaining allowance. An equal contribution is payable by the employee also.

Higher voluntary contribution by employee or Voluntary Provident Fund:
The employee can voluntarily pay higher contribution above the statutory rate of 12 percent of basic pay. This is called contribution towards Voluntary Provident Fund (VPF) which is accounted for separately.

Interest on account:
The Interest in EPF is calculated on the basis of monthly running balance.

Withdrawals from the EPF account:
According to the EPF Act, for claiming final EPF settlement, one has to retire from service after attaining 55 years of age. The total EPF balance includes the employee's contribution and that of the employer, along with the accrued interest.

Saving Income Tax using EPF:
Employees can claim maximum of Rs. 1,50,000 under Section 80C to save income tax in a FY (financial year) using EPF contributions.

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The examples used are for Illustration purpose only.
Comment in comments section if you have any queries.

DISCLAIMER:
Examples used are for Illustration purpose only and might not cover every detail of examples shown. It is advised to seek professional help before taking any financial decisions. The owner of this channel shall not be liable in any way.
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