Is it mandatory to contribute PF @ 10% as per notification? If company is financially stable and would like to continue contributing @ 12%, can they do?
From Korea
Look into this webinar on Decoding the Updates in Direct Tax & Provident Fund for Businesses
It helps you to understand more.

From India, Coimbatore
Provident Fund was conceptualized and Created to Be Somewhat ready for "Providence", some Unpredictable Event largely, usually unpleasant or unplanned for by large no of Workers People.

The Scheme was launched with a Minimum possible deductible % of Wages/Salary with the Employer contributing matching Amount Deducted towards PF ( Future Corpus for unlanned Event)).
In this backgound /context, during Covid 19 Pandemic, an Executive Decision without consulting the Contributors to PF Fund, was taken to Decrease the 5 of Contribution which certainly was not
catering to Vox Populi.

Conscientious Contributors shall not opt for such Unscrupulous Decrease and continue with what they did Pre-Covid 19 for All Wealth is Created For Wellbeing of Humanity Humane Touch is Supreme in any Human Endeavour.

By the By the Laws stes the Mini Norm whwereas the Contributrs can pt for Higher Slab, at least maintain.

The views are personal as HR Professional and intends no hurt to different Stands.

Harsh K Sharan, Kritarth Team of Management Caretakers

From India, Delhi

As it is an announcement from Union Finance Minister, PF authorities must be deciding to
receive only 10% contribution from its subscribers.
Keeping in view of this, there is every likelihood that suitable changes in the software
might be effected by IT department of PF department, as, now contributions are received by them on the basis of ECR. Hence in my view, even if employer wants to make 12% contribution, PF authorities shall be receiving only 10%, for the next three months.

From India, Aizawl

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