EPFO issues detailed FAQs on Reduction in Statutory rate of EPF contribution from 12% to 10%
Blog: NASSCOM Official Blog
Dear Members,
This is in furtherance to our earlier update (also available here) on the reduction in statutory contribution rate of EPF as notified by the labour ministry.
Post update, many members reached out to NASSCOM, seeking clarity whether the reduction in EPF rate of 10% will be mandatory or employer will have the option to make the higher contribution at the prevailing rate of 12%. Subsequently, NASSCOM reached out to EPFO and also made a representation seeking clarity on the same.
We are pleased to share that EPFO has now issued detailed FAQ document on reduction in statutory rate of EPF contribution. As per the FAQs (Reference Q.12), it is now clarified that employer or employee or both will have the option to make the higher contribution if they wish to.
The detailed FAQs can be accessed from here:
For any further concerns / queries, kindly reach write to deepak@nasscom.in
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