Dear Friend,
LTS cannot stipulate any clause with regard to statutory payment etc as applicable which is contrary to law. Even if it contains any such clauses which are agreed by employees, it will not be tenable in the eye of law. Hence, statutory payments / applicable laws will be enforceable including recent amended PF Act.
Due to amended PF Act, employees will have to contribute higher amount as PF contribution as a result they will get lesser net payment of salary per month but alternatively they are benefited as employer will be depositing higher amount of contribution.
Inspite of the above, if there is any problem on the part of employees to understand the situation, it will be the responsibility on the part of the Management to apprise them of the benefits from social security point of view. Of course,HR will take important role to play to make it happen smoothly.
Regards,