Diabytes
EPF contributions News
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Employees and Employer contribute 12 per cent each to the EPF
Minimum EPF deduction has been set at Rs 1800
Employees can voluntarily contribute more to the EPF
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The govt will provide subsidy for two years in respect of new employees engaged on or after 1st Oct 2020 and up to 30th June 2021
It will pay both 12% employees' contribution and 12% employers' contribution i.e. 24% of wages towards EPF
It will pay only employees' share of EPF contribution i.e. 12% of wages in respect of new employees in establishments employing over 1000 employees for two years
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The government move is to increase take-home salary for employees and to give relief to employers in payment of provident fund.
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The Centre on Thursday clarified that the members of the retirement fund body EPFO, who have made EPF contributions on wages above the statutory limit, would be benefited accordingly.
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