Covid-19 PF contribution of both employer and employee will be reduced to 10% each from existing 12%

“Union finance minister Nirmala Sitharaman on Wednesday announced the statutory provident fund or PF contribution of both employer and employee will be reduced to 10% each from existing 12% each for all establishments covered by EPFO for the next three months.”

And what will be the % rate of contribution towards EPF & EPS (employer) when it is fixed to 10% for the next 3 months.

what does the below statement mean:-

"In the said notification, in SCHEDULE II, after clause (iv), the following clause shall be inserted,

namely:-

“(v) Any establishment, other than Central Public Sector Enterprises and State Public Sector

Enterprises and other establishments owned by, or under the control of the Central Government or

the State Government, as the case may be, in respect of wages payable by it for the months of May,

June and July, 2020”.

-Is this applicable for State/ Central public sector enterprises? & what will be the % rate of contribution towards EPF & EPS (employer) when it is fixed to 10% for the next 3 months.

Dear Kiran,
Employer Share of EPF@10%
EPS@8.33%
EPF@1.67%

Hi,
Kindly look into this webinar on Decoding the Updates in Direct Tax & Provident Fund for Businesses
https://bit.ly/Relativity_BlogWebinar_May2020
It helps you to get more information on recent updates.

Though EPFO slashed rate of contribution from 12% to 10% CPSEs and State PSUs will however, continute to contribute 12% as employer contribution.

if employee basic salary is more than 15000, i.e. 20,000 Deduction of PF as per Covid-19 under 10%

Sir, I need some clarifications regarding the scheme.
Employee basic salary is more than 15000, i.e. 20,000 what is the deduction of PF.
Rs. 1800 or Rs. 2000
Kindly clarify the aspect.

is it compulsory to deduct 10%, or can we deduct 12% + 12% Employers share ??