Dear All,
I am completely agree with the comment of Sibabrata Ji.
Apart from this, I would like to further add that, if you will not deduct the contribution from the employee's salary and timely remit it, then it may be possible that at the time of EPF Inspection, the department can calculate it as a defaulter payment and also impose interest on the same. And, also note that, at that time only you will have to pay the entire amount.
So, be particular on this.