Epf Contribution Rate 2019 20

22 09 1997 onwards 10 enhanced rate 12. 3 8 33 of employer s share in eps i e. So below is the breakup of epf contribution of a salaried person will look like.

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Monthly contribution rate third schedule the latest contribution rate for employees and employers effective january 2019 salary wage can be referred in thethird schedule epf act 1991 employers are required to remit epf contributions based on this schedule.

Epf contribution rate 2019 20. Revised rate of interest with regard to staff provident fund in epfo ho no. For 2019 20 the interest rate is 8 50 which is reduced from the earlier 8 65 per cent. If the employer pays a higher amount the employer does not have to pay a higher rate as well. If the maximum wage ceiling is rs 15 000 contributions are mandatory.

2 3 67 of employer s share in epf of 20000 inr 734. Contribution for epf. The epf receives and manages retirement savings for all its members encompassing mandatory contributions by employees of the private and non pensionable public sectors as well as voluntary contributions by those in the informal sector. 8 33 of 20000 inr 1 666 employer s epf contribution is epf eps.

Cbt members 2020 dated 18 09 2020 1 2mb 87. 12 of 20000 inr 2 400. Employee contribution epf 12 20000 2400 employer contribution eps 8 33 15000 1250 difference 2400 1250 1150 total employer pf 1250 1150 2400 note even if pf is calculated at higher amount for eps we will take 15000 limit only remaining amount wil go to difference. The latest contribution rate for employees and employers effective january 2019 salary wage can be referred in the third schedule epf act 1991 click to download.

Hrd 3 2 2012 spf 422 dated 18 09 2020 930 7kb 930 7kb 88. As part of the government s atma nirbhar bharat package in may 2020 finance minister nirmala sitharaman announced that monthly epf contributions of both employers and employees was to be reduced from 24 per cent to 20 per cent for the months of may june and july 2020. Employers are required to remit epf contributions based on this schedule. Notification dated 9th april 1997 was issued enhancing provident fund contribution rate from 8 33 to 10.

For more information check out related articles uan registration uan login pf balance check epf claim status. Since the reduced employees provident fund epf contribution amount was for three months till july from august. References received form members of central board of trustees epf ho no. The epfo has decided to provide 8 5 per cent interest rate on epf deposits for 2019 20 in the central board of trustees cbt meeting held today states gangwar.

With this 172 categories of industries establishments out of 177 categories notified were to pay provident fund contribution 10 w e f. 1 12 of employees share in epf i e.