New Delhi / Team Digital. In the midst of the Coronavirus crisis, the government has provided many information about reducing EPF contribution from 12% to 10%. After this announcement in this economic package by the government, employees and employers have demanded clarity on some things. In which the EPFO has given this information from its official Twitter handle after the government notified it.
Finance Minister Nirmala Sitharaman had announced about the EPF contribution in the Self-Reliant India Package and said that it would be removed from the 12% and sent to 10 for the next 3 months.
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4.3 Employees and subscribers will get benefits The
government had decided that in the crisis of Corona epidemic, the take home salary of the employees should be increased and there is no shortage of money. Finance Minister Nirmala Sitharaman had said that after this decision, 4.3 crore employees and subscribers of about 6.5 lakh employers will get benefits from this.
Also Read: PF deduction: answers to many questions arising in the mind of 4.3 crore employees
Now the EPFO has made it clear that if employers who follow the cos2 company model have decided to make 10 per cent EPF contribution then they will have to give the benefit to the employee, EPFO has said that during these three months of contribution For more than 10 percent of the amount is minimum, both employees and employers can contribute more than this.
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The salary of employees will increase
in this way. Where is the EPFO that if someone decides to contribute 10% to their employee’s PF account, then it will have to compensate the loss on the employee’s CTC, besides 4 such possibilities Depending on how much the salary of the employees may increase.
The first is that both the employee and the employer contribute 10–10 per cent to the EPFO, by doing so, the salary of the employee will increase by 2–2 per cent on each side i.e. four per cent in total.
Second, if both the employee and the employer contribute 12-12 percent, then there will be no increase in the employee’s take home salary.
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At the same time, the employee continues his contribution and if the employer reduces his contribution by 10 percent, then it will increase the employee’s take home salary by 2 percent of his basic and dearness allowance.
Also, in the fourth position, if the employee keeps his contribution 10 percent and the appointed employee continues his contribution 12 percent, then the friendship of dearness allowance will increase with the employee’s take home salary basic.
