PF contribution rule changed! Contribute only 10% for next 3 months if earning above Rs 15,000

Hi All,
Currently, the mandatory monthly contribution by the employee stands at 12 per cent of the monthly pay which includes monthly basic pay, dearness allowance and retaining allowance, if any.
Finance Minister Nirmala Sitharaman in her press conference informed about the measures to be taken for the benefit of the members of Employees Provident Fund (EPF).
Those earning a basic salary of more than Rs 15,000 a month will now contribute 10 per cent instead of the mandatory 12 per cent contribution towards the PF for the next 3 months till August 2020. Also, the contribution of the employer will be reduced to 10 per cent from 12 per cent. However, for the Central government employees, the rate of contribution by the employer remains the same.
Regards

Dear Rakeshji,
Small correction in your Post:For the Months of May, June & July 2020 (Not till August 2020)

Yes,Correct.As our honerable Finance minister due to COVID 19 announced that pf will be 10 % from both side for the three month.(In case of employess whose basic salary is more than 15,000)
This step has been taken so that in hand salary of the employee increase.

Dear HR Manager, can you please explain your statement (In case of employess whose basic salary is more than 15,000) with reference to your Post