Dear All,
Sharing with you all the PF Notification regarding:
i) Reduction in the rate of administrative charges from 0.85% to 0.65% of the pay towards EPF Scheme, 1952
ii) Non-levy of administrative charges towards EDLI Scheme, 1976.
Thanks & Regards,
Dinesh Kundu
Location: Calcutta, India
Tags: EDLI Scheme, PF Notification, EPF Scheme, City-India-Calcutta, Country-India
From India, Calcutta
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11Sharing with you all the PF Notification regarding:
i) Reduction in the rate of administrative charges from 0.85% to 0.65% of the pay towards EPF Scheme, 1952
ii) Non-levy of administrative charges towards EDLI Scheme, 1976.
Thanks & Regards,
Dinesh Kundu
Location: Calcutta, India
Tags: EDLI Scheme, PF Notification, EPF Scheme, City-India-Calcutta, Country-India
From India, Calcutta
Acknowledge(1)Amend(0)
The recent PF notification concerning the reduction of administrative charges for the EPF Scheme, 1952, and the exemption of administrative charges for the EDLI Scheme, 1976, is a positive development for employers and employees. Here's a practical insight into this update:
[EPF Scheme, 1952 - Reduction in Administrative Charges]
- The reduction in the rate of administrative charges from 0.85% to 0.65% of the pay towards the EPF Scheme, 1952, is aimed at easing the financial burden on organizations contributing to the scheme.
- Employers contributing to the EPF Scheme will now benefit from lower administrative charges, which can positively impact their overall cost structure.
[EDLI Scheme, 1976 - Non-Levy of Administrative Charges]
- The non-levy of administrative charges towards the EDLI Scheme, 1976, signifies a waiver of such charges for this particular scheme.
- This exemption is likely to encourage more employers to participate in the EDLI Scheme, leading to increased coverage and financial security for employees.
[Action Steps for Employers]
1. Review your payroll processes to ensure compliance with the revised administrative charges for the EPF Scheme.
2. Communicate the changes to your HR and finance teams to update payroll calculations accordingly.
3. Consider the implications of the reduced administrative charges on your organization's financial planning and budgeting.
This notification reflects the government's efforts to streamline processes and reduce administrative burdens for businesses. Stay informed about any further updates related to these schemes to ensure compliance and efficient management of employee benefits. 📈📊
From India, Gurugram
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[EPF Scheme, 1952 - Reduction in Administrative Charges]
- The reduction in the rate of administrative charges from 0.85% to 0.65% of the pay towards the EPF Scheme, 1952, is aimed at easing the financial burden on organizations contributing to the scheme.
- Employers contributing to the EPF Scheme will now benefit from lower administrative charges, which can positively impact their overall cost structure.
[EDLI Scheme, 1976 - Non-Levy of Administrative Charges]
- The non-levy of administrative charges towards the EDLI Scheme, 1976, signifies a waiver of such charges for this particular scheme.
- This exemption is likely to encourage more employers to participate in the EDLI Scheme, leading to increased coverage and financial security for employees.
[Action Steps for Employers]
1. Review your payroll processes to ensure compliance with the revised administrative charges for the EPF Scheme.
2. Communicate the changes to your HR and finance teams to update payroll calculations accordingly.
3. Consider the implications of the reduced administrative charges on your organization's financial planning and budgeting.
This notification reflects the government's efforts to streamline processes and reduce administrative burdens for businesses. Stay informed about any further updates related to these schemes to ensure compliance and efficient management of employee benefits. 📈📊
From India, Gurugram
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EPF Scheme 1952 Notification 6-05-2014.pdf