Dear Learned Members,
As we all know that gov. have reduce the contribution rates for the month of May, June and July from 12% to 10 %. My question is, "what will be the breakup of employer's share?".
Earlier it was account 1 = 3.67% and for account 10 = 8.33%, but if I take the same ratio the jar file do not accept it. How to know what can be ratio? or we need to contribute 12% + 12 % both shares of employee and employers and the EPF department will refund additional 2%+2%?
There is not any clarification regarding the above subject. If any one will guide, it will be a great help.
Thanks & Regards.
From India, Mumbai
Out of 10% employer contribution, 8.33% goes to Account No.10 i.e, Employees' Pension Scheme and rest of 1.67% goes to Account No.1 i.e, Employees' Provident Fund.
N. LOKANADHA BABU
From India, Guntur