EPF contribution: After three months, again EPF contribution has been increased to 24%. It comprises 12 per cent of the employee’s share and 12 per cent of the employee’s share. With this, the increased amount will be deposited in the PF Account of the employees. This will not only create more pension, but will also earn more at the time of retirement or leaving the company.
New Delhi
After three months, the EPF deduction again increased to 12 per cent. This deduction was reduced to 10 per cent for the months of May, June and July. The old rules have come into force as soon as the month of August begins. Announcing the Self-Reliant India Package on 8 May, Finance Minister Nirmala Sitharan had announced that the PF deduction for three months is currently reduced by 2 per cent to increase the in-hand salary . 72.22 lakh employees benefited
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72.22 lakh employees and 3.67 lakh employees received the benefit of this announcement from the government. However, there was no deduction from the salary of employees who work in public sector enterprises or state PSUs.
Withdrawal due to increase in unemployment
The 24 per cent contribution contributes 12 per cent to the
employee provident fund and the 12 per cent contributes to the employee. This is 12 per cent, including your basic salary and expensive allowance. The contribution made by the employer is divided into two parts. 8.33 per cent is deposited in the Employee Pension Scheme and the remaining 3.67 per cent is in Employee Provident Fund .
