Labour Ministry notifies reduced PF contribution rate for next three months
Blog: NASSCOM Official Blog
The Hon’ble FM on May 13, 2020, had announced reduction in the PF contribution rate from 12% to 10%, as a measure to reduce the cash flow challenges faced by employers and employees due to the current Covid-19 crisis. The official notification of the reduce rate has now been notified by the Ministry of Labour and Employment.
As per notification, the reduction in statutory contribution rate will be applicable for the moth of May, June and July 2020 and will be applicable to all establishments other than the following
- Central and State Public Sector Enterprises
- Other establishments owned or under control of the Central or State Government
- Establishments eligible for relief under Pradhan Mantri Garib Kalyan Yojna as per guidelines issued by EPFO dated April 9, 2020
Copy of the notification is enclosed for your kind perusal.
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