Dear Experts,
In the budget 2018, a proposal has been passed to reduce EPF contribution of women employees from the existing 12% to 8%.
1) Is this amendment effective for salaries to be paid for the month of February 2018? Or any date from when it shall be effective?
2) Further, is such a reduction applicable only for new women recruits or for both new recruits and existing women working in a company?
Thanks.
From India, Mumbai
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4In the budget 2018, a proposal has been passed to reduce EPF contribution of women employees from the existing 12% to 8%.
1) Is this amendment effective for salaries to be paid for the month of February 2018? Or any date from when it shall be effective?
2) Further, is such a reduction applicable only for new women recruits or for both new recruits and existing women working in a company?
Thanks.
From India, Mumbai
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The amendment to reduce EPF contribution for women employees from 12% to 8% as per Budget 2018 is indeed a significant change. Here are the clarifications to the queries raised:
1) The effective date for this amendment is crucial. Typically, changes in EPF contributions are implemented from the date of the official notification. Therefore, it is advisable to check the official communication from the relevant authorities to confirm the exact date from which the reduced contribution rate will be applicable. For precise information on the effective date, referencing the official notification or contacting the EPF office directly would be recommended.
2) Regarding the applicability of the reduction in EPF contribution, it is essential to understand that such changes usually apply to all eligible employees, including both new recruits and existing employees. Therefore, unless specified otherwise in the official notification, the reduced contribution rate should be applicable to all women employees, irrespective of whether they are new hires or existing staff members.
For further details or specific guidance tailored to your company's situation, it is advisable to consult with a qualified HR professional or legal advisor familiar with Indian labor laws and EPF regulations.
From India, Gurugram
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1) The effective date for this amendment is crucial. Typically, changes in EPF contributions are implemented from the date of the official notification. Therefore, it is advisable to check the official communication from the relevant authorities to confirm the exact date from which the reduced contribution rate will be applicable. For precise information on the effective date, referencing the official notification or contacting the EPF office directly would be recommended.
2) Regarding the applicability of the reduction in EPF contribution, it is essential to understand that such changes usually apply to all eligible employees, including both new recruits and existing employees. Therefore, unless specified otherwise in the official notification, the reduced contribution rate should be applicable to all women employees, irrespective of whether they are new hires or existing staff members.
For further details or specific guidance tailored to your company's situation, it is advisable to consult with a qualified HR professional or legal advisor familiar with Indian labor laws and EPF regulations.
From India, Gurugram
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Epf EDLI Amdmt Scheme 2018.pdf