EPF Calculation: ₹15,000 Basic Salary & 21 years of Age, Fund on Retirement
The interest rates of EPF are fixed every year by the government. At present, 8.1 percent annual interest (FY23) is there
EPF is such an account, in which gradually large corpus is formed till retirement.
In the EPF account, there is a contribution from both the employer & the employer. This contribution is 12-12 % of the basic salary plus dearness allowance.
At present, 8.1 % annual interest (FY23) is there. EPF is such an account, in which gradually large corpus is formed till retirement.
Let’s say your basic salary and dearness allowance together is Rs 15,000. If you are 21 years old...
Then by the time you retire through EPF, that is, by the age of 58, you can have a Retirement Fund (EPF Corpus) of Rs 1.26 crore.
In this, the condition will be that the interest on EPF remains 8.1 % till retirement and the annual salary growth remains 5 %
Changes in this may result in a change in retirement corpus. The maximum contribution that can be made in the EPF scheme is up to 58 years.