September 2024

Most private sector employees are entitled to receive post-retirement benefits if they function in the organised sector. Note that government employees are additionally eligible for pensions unlike their private sector counterparts. Employee Provident Fund was set up after the EPF Act was passed in the Parliament. Under the law, the Employees Provident Fund Organisation of India (or EFPO) controls the funds deposited by both the employee and employer in a permanent account, affixed by an UAN or Unique Account Number.  What is EPF? The Employee Provident Fund or the EPF is a retirement benefits scheme for salaried employees in the private sector. The Employees Provident Fund Organisation (EPFO) manages the EPF. Any organisation or firm with 20 or more employees gets covered under the EPFO. The Employees Provident Fund Organisation operates three schemes. The EPF Scheme 1952 The Pension Scheme 1995 The Insurance Scheme 1976. The employees who fall under the EPF scheme make a fixed contribution of 12% of the basic salary and the dearness allowance towards the scheme. The employer should also make an equal contribution to the EPF scheme. The EPFO Central Board of Trustees fixes the EPF interest rates every financial year after consulting the Ministry of Finance. The EPF Interest Rate for Financial Year 2023-24 is 8.25%. The employee would get a lump-sum amount at retirement, which includes the contributions of both the employee and the employer with the interest payments. However, 12% of the employer contribution does not go to the EPF account. Out of the 12% contribution, 8.33% goes towards the Employee Pension Scheme Account, and the remaining 3.67% goes to the employee EPF account. It is compulsory for all employees who draw a basic salary of less than Rs 15,000 per month to become members of the EPF. You cannot opt-out of the EPF scheme once you become a scheme member. An employee can make an enhanced contribution up to a maximum of 100% of the basic salary to the voluntary provident fund. The employer will not match the contribution. What is EPF Calculator? The EPF calculator is an online financial tool that calculates the total PF amount or maturity amount you will receive after retirement from your employment. This maturity amount will include both your and your employer’s contributions and the interest credited to your account. The data required to calculate your PF amount is as follows: PF contribution/ investment month every month, quarter, half-year or yearly PF interest rate Duration of contribution Frequency of EPF contribution Formula to Calculate EPF Amount To understand how to calculate EPF, let us have an example. Employee basic salary + dearness allowance = Rs 14,000 Employee contribution towards the EPF = 12% * 14,000 = Rs 1,680 Employer contribution towards the EPF = 3.67% * 14,000 = Rs 514 Employer contribution towards EPS = 8.33% * 14,000 = Rs 1,166. The total contribution by the employer and employee towards the EPF account of the employee = Rs 1,680 + Rs 514 = Rs 2,194. Now with the Applicable interest rate 8.25% p.a, the monthly earned interest will be; 8.25%/12 = 0.679% Assuming the employee joined the Firm XYZ in April 2019. The total EPF contribution for April will be Rs 2,194. The EPF scheme will not pay any interest for April. The total amount in EPF account May 2019 = Rs 4,388 (Rs 2,194+ Rs 2,194). He receives an interest of Rs 4,388 * 0.679% = Rs 29.79. The formula to determine EPF amount When you use Groww’s EPF calculator in India, you are assured of quality and reliability. This is the data you should keep in handy before you use the calculator. Your basic monthly salary including Dearness Allowance (DA) Your contribution to the EPF Your employer’s contribution Your retirement age (Including VRS, if you have such plans.)  Your current EPF balance Current EPF interest rate How can PF Calculator help you? Financial Planning Support: A PF calculator aids salaried individuals in planning their retirement by providing a clear view of their projected Provident Fund (PF) balance at retirement, helping them understand how much they need to save monthly to meet their financial goals. Effortless Tracking: It automates the calculation of total contributions and interest accrued over time, eliminating the hassle of manual calculations and ensuring accuracy in the tracking of their retirement savings. Immediate Updates: Salaried users receive immediate updates on any changes in PF policies, such as adjustments in interest rates or contribution ratios, enabling them to make informed decisions about their investments and savings strategy. FAQs What is a PF Calculator? A PF (Provident Fund) calculator is an online tool that helps employees estimate the amount of money they will accumulate in their Provident Fund over time. It considers contributions made by both the employee and the employer, the interest rate, and the duration of the contribution to calculate the total PF balance. When can I withdraw the money from my EPF account? You can only withdraw the money for personal purposes: After you have completed 7 years of service Only thrice during the EPF account’s duration.

The UIDAI (Unique Identification Authority of India) has launched a service of obtaining Duplicate Aadhar card Online. In case if your Aadhaar has been lost, misplaced or if they want a new copy, you can use this facility. This facilitates the residents of India to get their Aadhaar card duplicate by paying nominal charges. Residents who do not have registered mobile number can also apply for “Order Aadhaar Duplicate” using Non-Registered or Alternate Mobile Number.  If you have lost or misplaced your Aadhaar Card, the UIDAI has made it possible for all residents to acquire a duplicate card through a simple procedure. In case you do not know or are unsure of your Aadhaar number, or if you have lost or misplaced your acknowledgement slip, you will still be able to retrieve the Aadhaar card. Required Documents to Re-apply Proof of Identification:- An identity document includes Ration/PDS Photo Card, PAN Card, Passport, Driving license, etc. Proof of Address:- The address proof documents include Bank Account details/Passbook, Electricity bill, water bill, telephone bill, Property Tax receipt, Credit Card statement, etc. Proof of Date of Birth:- The documents accepted for the proof of date of birth includes Birth Certificate, Mark sheet issued by any Government Board or University, PAN card, etc. Turnaround Time The residents will be charged a nominal fee of Rs. 50 (inclusive of GST & speed post charges). The reprinted Aadhaar will be given to the post office through registered post for the delivery. The processing time for the delivery of the new reprinted Aadhaar is 5 working days. Aadhaar Letter will be delivered using speed post Service of Department of Post (DoP) in line with DoP delivery norms, and Delivery Status may be tracked using DoP Status Track Services. Conditions for Obtaining Duplicate Aadhaar Card You must know your Aadhaar Number or VID (Virtual Identification Number) for giving reprinting request. The mobile number must be registered with the Aadhaar Database for giving this request. You should be ready to pay fees of reprinting card. Online Procedure to Order Aadhaar Card Duplicate Step 1: Firstly, the applicants will have to visit the UIDAI’s website using this link. Step 2: Then click on the “Order Aadhaar Reprint (Pilot Basis)” option from the dropdown list under the Aadhaar services tab. Step 3: You will be re-directed to an Order Aadhaar Reprint page where you have to enter your 12 digits Aadhaar Number or Virtual ID and the security code. Step 4: You have click on the send OTP button if your mobile number is registered with the UIDAI portal. Step 5: Once you receive OTP, you have to enter it on the given tab Step 6: Then you have to select the check box agreeing to “Terms and Conditions”. After that click on the Submit button. Step 7: Once the correct OTP is entered, you will be able to verify your Aadhaar card details (Only if a mobile number is registered in the Aadhaar database). Note: If your mobile number or Aadhaar details are not matching or inaccurate, you need to visit Aadhaar Enrolment centre to get the details corrected. Step 8: If your information is correct, click on ‘Make Payment’ option. You will be redirected to the payment gateway. Step 9: You can use the following payment modes to make the payment for “Order Aadhaar Reprint.” Credit Card Debit Card Net Banking UPI Step 10: A fee for reprinting new Aadhaar is Rs. 50. Then you have to enter the payment details and click on the ‘Pay Now’ button. Step 11: Upon successful payment, you can receive an acknowledgement slip displayed on your screen. You can also print/ download the acknowledgement receipt. You will also receive service request number (SRN) on your registered mobile via SMS. How to Get a Duplicate Aadhaar Card Offline Through a Phone? Dial UIDAI’s toll-free numbers 1800-180-1947 or 1947 Choose the Interactive Voice Response (IVR) option to connect with an Aadhaar representative Clearly explain your need for a duplicate Aadhaar card to the representative during the call.  The representative will conduct identity verification by asking specific questions; and providing accurate responses.   Once verified, the representative will proceed to approve and initiate the issuance of your new Aadhaar card. Upon completing these steps, your duplicate Aadhaar card will be sent to your specified address via speed post. FAQs What happens if my Aadhar card is lost? Your Aadhaar card can be located if you’ve misplaced it or lost it through a number of UIDAI services. You can ask UIDAI to transmit your Aadhaar enrollment ID (EID) details to the registered cellphone number if you can’t recall it. Through the UIDAI portal, you can also reapply for the Aadhaar card. What distinguishes an authentic Aadhar card from a duplicate one? An actual, genuine copy of a unique identifying document is an Aadhaar card. The e-Aadhaar card, on the other hand, is a duplicate or printed copy of the Aadhaar card that is downloaded from the UIDAI website. 2. The e-Aadhaar card is only available in digital form; the Aadhaar card is only available in hard copy.