Employee Provident Fund (Epf) Calculator

Your Monthly Basic Pay + DA

₹ 1000
₹ 5 Lakh

Current Age

15 Years
58 Years

Your contribution to EPF

12 %
20 %

Annual increase in

0 %
15 %

Age of Retirement

58 Years
60 Years

Employer's Contribution

12 %
20 %

Rate of interest

EPF Corpus (at retirement)

₹ 54,77,963

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EPF Calculator

The Employee Provident Fund (EPF) is a retirement benefit scheme that allows salaried individuals to contribute some percentage of their basic salary and dearness allowance towards their retirement. At the time of retirement, the accumulated EPF corpus is paid out to the employee. So, the EPF contributions made during your employment years go a long way in building a retirement corpus. In the section below, we'll discuss how to calculate EPF pension by applying the EPF pension calculation formula.

Employee Provident Fund (EPF) Calculator

An EPF pension calculator is an online tool which helps you calculate the total amount you can accumulate in your EPF account at retirement. It factors in the monthly EPF contribution, the interest earned, the number of years of service, and the projected growth rate.

What is EPF?

EPF or Employees' Provident Fund is a government-backed retirement benefit scheme for salaried employees. The employee and the employer contribute 12% of the employee's basic salary and dearness allowance (DA) towards EPF every month.

The contribution is invested in secure instruments like government bonds and securities.The interest rate on EPF is decided by the EPFO and is revised every financial year. For FY 2022-23, the interest rate is 8.1%.

The lump sum EPF corpus can be withdrawn on retirement or when changing jobs. A part of it can also be withdrawn for specific expenses like house construction, higher education, marriage, etc.

What is an EPF Calculator?

An EPF pension calculator is a tool which helps estimate the future value of your EPF contributions by factoring in:

  • Monthly EPF contribution
  • Current age
  • Expected retirement age
  • Estimated annual increment in salary
  • Projected interest rate

By inputting these details, the EPF pension calculator provides the estimated corpus you can accumulate by the retirement age.
This clarifies the retirement fund's size and helps plan other investments accordingly.Formula to Calculate EPF with Example
The formula to calculate your EPF balance is:
EPF Contribution x (1 + Interest Rate) ^Years of Service

Let's understand this with an example:
Rohit has been working with an organisation for 5 years now. His current basic salary is ₹50,000 on which his monthly EPF contribution is 12% i.e. ₹6,000. The annual increment is 5%, and the current EPF interest rate is 8.5%. Rohit wants to know his EPF balance after 10 years.

Current monthly EPF contribution = 12% of ₹50,000
= ₹6,000
Number of years = 10 years
Interest rate = 8.5%

Estimated monthly contribution after 10 years, considering 5% annual increment:

  • Year 1 - ₹6,000
  • Year 2 - ₹6,300
  • Year 3 - ₹6,615
  • Year 4 - ₹6,946
  • Year 5 - ₹7,293
  • Year 6 - ₹7,658
  • Year 7 - ₹8,041
  • Year 8 - ₹8,443
  • Year 9 - ₹8,865
  • Year 10 - ₹9,308

So the estimated EPF balance after 10 years will be:
= ₹6,000 x (1+0.085)^5 + ₹6,300 x (1+0.085)^4 + ₹6,615 x (1+0.085)^3 + ₹6,946 x (1+0.085)^2+ ₹7,293 x (1+0.085) + ₹7,658 + ₹8,041 + ₹8,443 + ₹8,865 + ₹9,308
= ₹9,05,051
Therefore, the total accumulated EPF balance for Rohit after 10 years is estimated to be

How to use the IIFL EPF Calculator?

Here are the simple steps to use the IIFL EPF calculator online:

  • Visit the IIFL EPF calculator online page and enter your current age.
  • Enter your expected retirement age (maximum age is 58 years).
  • Enter your current basic salary and dearness allowance (DA).
  • Enter the current EPF contribution percentage.
  • Enter your expected annual increment percentage.
  • The tool auto-fills the estimated annual EPF contribution based on the income and increment. You can edit the yearly contributions if required.
  • Enter the expected annual EPF interest rate.
  • Hit 'Calculate' and the total accumulated EPF corpus on retirement is displayed.

The calculator also shows the year-wise breakup of the monthly EPF contribution and accumulated balance.

You can tweak the variables and assumptions to get an estimate for different scenarios. This helps assess if the EPF savings alone will suffice or if you need to supplement it with other investments.

How can an EPF calculator help you?

An EPF interest calculator has the following benefits:

  • Estimates the retirement corpus - The key benefit of an EPF interest calculator is that it helps evaluate the size of the retirement corpus you could accumulate through EPF alone. This provides clarity on how much retirement savings you need to target.
  • Aids financial planning - Based on the projected EPF savings, you can plan other investments required to build an adequate retirement corpus. It helps bridge the retirement funding gap.
  • Allows scenario testing - Online EPF calculators will enable you to test different scenarios by tweaking variables like salary growth rate, tenure, interest rate, etc. This helps develop an optimal financial plan.
  • Tracks progression - You can check your accumulation every year to see if you are on track to reach the target retirement amount.
  • Simplifies projections - Manual calculation of accumulated EPF can be complex. EPF calculator does these projections seamlessly, allowing you to focus on planning.
  • Factoring withdrawals - Some EPF calculators also allow factoring in partial EPF withdrawals for expenses. This provides a more realistic projection.

Advantages of Using IIFL EPF Calculator

Here are some valuable features of the IIFL EPF calculator:

  • User-friendly - Simple and intuitive design allows seamlessly entering your EPF details and calculating projections.
  • Customizable - Allows tweaking key variables like future increments, interest rate, and retirement age as per your estimates.
  • Detailed breakup - Provides year-wise breakup of monthly contribution and accumulated EPF balance.
  • Partial withdrawal option - Option to factor in partial withdrawals for expenses in the future.
  • Beyond retirement projection - Project your EPF accumulation for years beyond 58 to help with annuity planning.
  • Option to switch schemes - Allows you to change the EPF scheme mid-way and see the impact on the maturity amount.
  • Integrated with PPF calculator - Also offers a PPF calculator to project your overall retirement savings.
  • Downloadable reports - Option to download PDF reports of the projections for offline reference.


Q1. What is the current EPF interest rate?

For FY 2022-23, the EPF interest rate is 8.1% p.a. as announced by EPFO.

Q2. Can I use the EPF calculator without registering?

Most EPF calculators like the IIFL calculator, do not require registration and are free for anyone to use.

Q3. What happens to my EPF balance if I change jobs?

Your EPF account becomes dormant when you change jobs. You need to transfer it to the new employer, reflecting the accumulated balance.

Q4. Can I withdraw money from EPF before retirement?

Yes, you can withdraw partially from EPF after 5 years of service for expenses like housing, education, marriage etc.

Q5. Does the calculator consider income tax impact?

No, the EPF calculator only projects the accumulation. It does not factor in income tax applicability on maturity proceeds.

Q6. How is the EPF interest rate decided?

The EPF interest rate is decided annually by the EPFO based on income generated from the investment of contributions.

Q7. Should I rely only on the EPF calculator projection for retirement planning?

EPF calculator provides an estimate that helps plan the corpus required from other investment options. Do not depend only on EPF for retirement