In the wake of the Corona virus epidemic, the federal government has issued new rules for the following three months by employers and staff making little contribution to the Employees' Provident Fund (EPF). The Employees Provident Fund Organization (EPFO) has clarified a number of issues on May 20 for readability on the PF deduction of staff. The EPFO says that the rule of much less discount in PF will not be obligatory for each employer and worker.
The EPFO has additionally clarified that employers who’re following the Cost-to-Company (CTC) mannequin, ie these paying 10% PF of staff, are paid the identical quantity as 2% deduction to their staff. Will occur. <! –
If the worker needs to pay 12% of his PF, can he accomplish that? In response to this vital query, the EPFO stated that it will probably accomplish that.
To present some liquidity assist to the corporate and staff going through money disaster on account of Corona virus disaster, the federal government allowed PF contribution to be lowered from 12 per cent to 10 per cent for 3 months, May, June and July. It has been stated that it’s not obligatory for the employer and the worker to go for low contribution. Employers and staff may contribute on the 12 per cent fee. It is evident that each the employer and the worker can select between 10 % and 12 %.
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Four crore 30 lakh staff of organized sector are anticipated to learn from this determination of the federal government. The ministry has stated that the discount in EPF contribution will proceed for 3 months. In the notification issued by the Ministry of Labor, it was informed that about 12 lakh members of the Employees Provident Fund Organization (EPFO) turned out 3,360 crores throughout the lockdown. EPFO has determined to not take any penalty from firms for not having the ability to deposit provident fund contributions on time throughout lockdown.
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