Pay reduced PF administrative charges

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Pay reduced PF administrative charges
By: - Sudhir Goyal
Corporate Laws / IBC / SEBI
Dated:- 18-3-2015

Pay reduced PF administrative charges Reduction in Rate of Administrative Charges from 1.10°/o to 0.85°/o of the pay: The Government of India issues notification No. S.O. 323(E) and S.O. 324(E) both dated 02.02.2015, on reducing the administrative charges under the Emplo .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... yees' Provident Funds Scheme, 1952. The Ministry of Labour and Employment, Government of India, has issued a notification to revise the rate of administrative charges under the Employees' Provident Funds Scheme, 1952. The changes will be effective from 1 January 2015 so administration charges payable upto 31.12.2014 will be levied at old rate. EPFO (Employees Provident Fund Organisation) has cut .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... the administrative fee it charges under the ambit of its social security schemes, effective from January 1st 2015. The administrative charges have been reduced to 0.85% of basic wage from 1.10% as per a Labour Ministry Notification No. S.O. 323(E) and S.O. 324(E) both dated 02.02.2015. According to the notification, the minimum monthly administrative charges will be ₹ 25 for every non-funct .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ional firm having no (PF) contributing member and ₹ 200 for any other establishments. Summarised Table Various accounts of PF Challan OLD Rate New rates W.e.f 1-Jan-15 Employee Employer Employee Employer A/c No 1: PF contribution Account 12% 3.67% 12% 3.67% A/c No 2: PF Admin account 1.10% 0.85% A/c No 10: EPS account 8.33% 8.33% A/c No 21: EDLIS account o.50% o.50% A/ .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... c No 22: EDLIS admin account 0.01% 0.01% Net Rate 12% 13.61%* 12% 13.36%* *Additional contribution by employer has to pay is: 1.36 (old 1.61%) of basic. Author CA Sudhir K Goyal (About the Author- Author is a Member of ICAI and can be reached at email [email protected]) DISCLAIMER: This article is provided purely for your information only and you should check other information so .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... urces before taking any action based on any of the content in this article.
Scholarly articles for knowledge sharing by authors, experts, professionals .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X