“Union Finance Minister Nirmala Sitharaman on Wednesday announced that the statutory provident fund or PF contribution of both employer and employee will be reduced to 10% each from the existing 12% each for all establishments covered by EPFO for the next three months.”
EPF & EPS Contribution Rate
And what will be the percentage rate of contribution towards EPF & EPS (employer) when it is fixed at 10% for the next three months?
Understanding the Notification
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? And what will be the percentage rate of contribution towards EPF & EPS (employer) when it is fixed at 10% for the next three months?
From India, Mumbai
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4EPF & EPS Contribution Rate
And what will be the percentage rate of contribution towards EPF & EPS (employer) when it is fixed at 10% for the next three months?
Understanding the Notification
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? And what will be the percentage rate of contribution towards EPF & EPS (employer) when it is fixed at 10% for the next three months?
From India, Mumbai
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Dear Kiran, Employer Share of EPF@10% EPS@8.33% EPF@1.67%
From India, New Delhi
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From India, New Delhi
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Though EPFO slashed rate of contribution from 12% to 10% CPSEs and State PSUs will however, continute to contribute 12% as employer contribution.
From India, Aizawl
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From India, Aizawl
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if employee basic salary is more than 15000, i.e. 20,000 Deduction of PF as per Covid-19 under 10%
From India, Mumbai
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From India, Mumbai
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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.
From India, Mumbai
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From India, Mumbai
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