Under the EPF scheme, both the employee and the employer contribute a portion of the employee's salary towards the fund. The employee's contribution is deducted from their salary, while the employer also contributes an equal amount. The contributions are based on a fixed percentage of the employee's basic salary and dearness allowance.

The primary purpose of EPF is to provide financial security and retirement benefits to employees. The contributions made by employees and employers accumulate over time and earn interest. The accumulated amount can be withdrawn by the employee upon retirement, resignation, or in certain specific cases like disability or unemployment. The EPF corpus serves as a retirement avings fund for employees, providing them with a lump sum amount at the end of their working years Scheme (EPS). The EPS provides a monthly pension to eligible employees after completing a certain number of years in service.

The EPF or PF calculator is an online financial calculator that shows you the total amount of money you'll have in your EPF account when you retire. You can figure out the total amount accumulated in your EPF account, which includes both your and your employer's contributions and the interest that the investment has earned

An EPF calculator will help you know how much you will garner through EPF contributions. You can plan your retirement planning accordingly. If you feel that the maturity amount is not enough, you can invest in other similar investment options to build an adequate retirement corpus. EPF calculator will calculate the total contribution, total interest income, and maturity amount. You can also add the increment you expect every year and recalculate the EPF amount you can expect at retirement. If you expect an increase in your basic monthly salary, you can add the expected figure and calculate it again. This will help you get a better idea of the amount of money you can accumulate through your EPF scheme.