As a result of the reduction in statutory rate of contributions from 12% to 10%, the employee shall have a higher take-home pay due to reduction in deduction from his pay on account of EPF contributions. The employer shall also have his liability reduced by 2% of wages of his employees. If Rs.10000/- is monthly EPF wages, only Rs.1000/- instead of Rs.1200/- is deducted from employee’s wages and the employer pays Rs.1000/- instead of Rs.1200/- towards EPF contributions.
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