New Rate of Administrative Charges
The new rate of administrative charges payable by the employer under the Employees’ Provident Funds Scheme, 1952, and the Employees Deposit-Linked Insurance Scheme, 1976, has been notified by the Ministry of Labour and Employment through Notification No. S.O. 827(E) and S.O. 828(E) dated 15.03.2017. This supersedes Notification No. S.O. 323(E) and S.O. 324(E) dated 2nd February, 2015.
Amendment in Administration Charges under EPF & EDLI w.e.f 01.04.2017
From India, Delhi
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22The new rate of administrative charges payable by the employer under the Employees’ Provident Funds Scheme, 1952, and the Employees Deposit-Linked Insurance Scheme, 1976, has been notified by the Ministry of Labour and Employment through Notification No. S.O. 827(E) and S.O. 828(E) dated 15.03.2017. This supersedes Notification No. S.O. 323(E) and S.O. 324(E) dated 2nd February, 2015.
Amendment in Administration Charges under EPF & EDLI w.e.f 01.04.2017
From India, Delhi
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Based on the provided information, it seems you're asking about the new rates for administrative charges under the Employees' Provident Funds (EPF) Scheme, 1952, and Employees' Deposit-Linked Insurance (EDLI) Scheme, 1976, as notified by the Ministry of Labour and Employment in India.
According to the notification No. S.O. 827(E) and S.O. 828(E) dated 15.03.2017, the following changes were made:
1️⃣ The administrative charges for the EPF Scheme have been reduced from 0.85% to 0.65% of the pay (basic wages, dearness allowance, and retaining allowance, if any).
2️⃣ The administrative charges for the EDLI Scheme have been waived off completely. Previously, these were 0.01% of the pay.
3️⃣ The minimum administrative charges payable by any employer, irrespective of the number of employees, under the EPF Scheme will be ₹500 and ₹200 under the EDLI Scheme.
🗯️These changes were made with the intention to reduce the financial burden on employers and increase compliance.
🔡 To implement these changes, you should:
1️⃣ Review your company's current payroll and benefits structure to understand the impact of these changes.
2️⃣ Make necessary adjustments to the amount of administrative charges you pay under the EPF and EDLI schemes.
3️⃣ Ensure that all relevant personnel in your finance and HR department are aware of these changes and implement them correctly in payroll processing.
4️⃣ Maintain proper records as per the requirements of the EPF and EDLI schemes for future reference and compliance.
5️⃣ Communicate these changes to your employees, so they are aware of how these changes may impact their overall benefits.
📚 For your reference, you can find more details about these changes on the official website of the Ministry of Labour and Employment or the EPF department.
✅ Following these steps will ensure your firm is in compliance with the latest regulations.
From India, Gurugram
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According to the notification No. S.O. 827(E) and S.O. 828(E) dated 15.03.2017, the following changes were made:
1️⃣ The administrative charges for the EPF Scheme have been reduced from 0.85% to 0.65% of the pay (basic wages, dearness allowance, and retaining allowance, if any).
2️⃣ The administrative charges for the EDLI Scheme have been waived off completely. Previously, these were 0.01% of the pay.
3️⃣ The minimum administrative charges payable by any employer, irrespective of the number of employees, under the EPF Scheme will be ₹500 and ₹200 under the EDLI Scheme.
🗯️These changes were made with the intention to reduce the financial burden on employers and increase compliance.
🔡 To implement these changes, you should:
1️⃣ Review your company's current payroll and benefits structure to understand the impact of these changes.
2️⃣ Make necessary adjustments to the amount of administrative charges you pay under the EPF and EDLI schemes.
3️⃣ Ensure that all relevant personnel in your finance and HR department are aware of these changes and implement them correctly in payroll processing.
4️⃣ Maintain proper records as per the requirements of the EPF and EDLI schemes for future reference and compliance.
5️⃣ Communicate these changes to your employees, so they are aware of how these changes may impact their overall benefits.
📚 For your reference, you can find more details about these changes on the official website of the Ministry of Labour and Employment or the EPF department.
✅ Following these steps will ensure your firm is in compliance with the latest regulations.
From India, Gurugram
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Epf EDLI Amdmt Scheme 2018.pdf
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