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.
Watch the video on how you can configure Covid-19 PF Relief Component.
- FAQs - To read more FAQs about the Admin portal, click here.
- Documentation - To read more about the Admin portal, click here.
- Video - To watch videos on the Admin portal, click here.
- Product Update - To read about the product update, click here.