Current Financial Year EPF Interest Rate: 8.1%
Total Contribution: ₹0
Total Interest Earned: ₹0
Total Value: ₹0
Breakdown Table
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| Year | Employee Contribution | Employer Contribution | EPS Contribution | Interest Earned | Total Contribution |
|---|
Calculation Method
The EPF calculator uses the following method to calculate the contributions and interest:
- Employee Contribution: 12% of the basic salary.
- Employer Contribution: 3.67% of the basic salary.
- EPS Contribution: 8.33% of the basic salary, with a cap of ₹15,000.
- Annual Increase in Salary: 5% (or as specified by the user).
- Interest Calculation: Interest is calculated monthly and compounded annually.
The detailed breakdown of the calculation is as follows:
- Monthly Employee Contribution:
currentSalary * epfContribution - Monthly Employer Contribution:
currentSalary * 0.0367 - Monthly EPS Contribution:
Math.min(currentSalary, 15000) * 0.0833 - Total Interest Earned:
totalInterestEarned += (totalEmployeeContribution + totalEmployerContribution + totalEpsContribution + totalInterestEarned) * (epfRateOfReturn / 12)
The loop iterates for each year until retirement, updating the salary with the annual increase and calculating the contributions and interest accordingly. The final values are displayed and used to generate the chart and PDF.