Sarita,
Below listed points are the changes made regarding the Employee Provident Fund.
1). Minimum threshold has been raised to 15000 from 6500. Current members who are limiting their monthly contributions to Provident Funds to a minimum salary range of Rs 6,500(Rs. 780/-) will now have to contribute at least to a salary range of Rs 15,000(Rs. 1800/-).
2). It becomes mandatory for all employees with salary upto 15000 to maintain pf accounts.
3). 12% of PF wages(BP+DA) goes as employee contribution to Employee Provident fund account.
4). Employer Contribution(12%)
8.33%(of BP+DA) to Employee pension scheme
Balance i.e. 3.67% goes to the Employee Provident fund
5). Apart from the PF contribution, the Employer has to bear Admin charges which includes
a) 1.10% of basic (Administration Charges)
b). 0.5% of basic (Employee Developed Linked Insurance Charges)
c). 1.01% of basic (Employee Developed Linked Insurance Charges)
6). Minimum contribution for employees with salary upto Rs. 15000/- has increased for both employee and employer. (i.e. 12% of 15000 = 1800)
7). Employees who became members in PF post 1st september 2014 and having PF wages(BP+DA) greater than Rs. 15000/- cannot become a member in the pension scheme. Such employees' whole employer contribution(12%) would be absorbed into the PF itself.
8). The new pension scheme is w.e.f September 1, 2014.
Hope this helps.
Vineeth.