Showing posts with label EPF Act. Show all posts
Showing posts with label EPF Act. Show all posts

Wednesday, 20 May 2020

CTC model - Employer needs to pay 2% to representative where PF is a piece of CTC. Serv

CTC model - Employer needs to pay 2% to representative where PF is a piece of CTC. Service explained. Public statement. Diminished pace of business PF commitment decreased from 12% to 10% will give more bring home to workers.
Ctc model in india pf esi


Saturday, 25 April 2020

Legal Alert! FAQ On EPF Advance To Fight COVID-19 Pandemic

Legal Alert! FAQ On EPF Advance To Fight COVID-19 Pandemic in 2020

Frequently asked question on epf due to corona


The Government of India had improved the Employee Provident Fund Scheme,1952 dated 27th March 2020 vide periodical notification no.GSR.225. As per the announcement the where any corporation or factory placed in an area notified as affected by the discharge of any disease or pandemic, a non-refundable accommodation to members under the scheme from the provident fund account not exceeding the basic wages and dearness wages of that member for three months or up to 75 percent of the amount attaining to his credit in the fund, whichever is less. Now EPFO has released a FAQ on EPF advance to fight COVID-19 Pandemic

 epf changes due to corona virus

Legal Alert! EPF Scheme Guidelines For Execution Of PMGKY By Government Of India

Legal Alert! EPF Scheme Guidelines For Execution Of PMGKY Credit Of Employers And Employee Contribution By Government Of India

2020 new EPF Scheme Guidelines For Execution Of PMGKY

EPFO has released the circular and guidelines to the implementation of Pradhan Mantri Garib Kalyan Yojana Package for credit of Workers and Employers Share of EPF & EPS Contributions (24% of wages) for 3 months by Government of India. As per the announcement to anticipate a splitting in the employment of inferior wage-earning employees and assistance corporations employing up to 100 employees, the all employees EPF contributions (12% of wages) and employers’ EPF & EPS contribution (12% of wages), totaling 24% of the monthly wages for the next three months shall be immediately paid by the Central Govt. in the EPF accounts (UAN) of employees, who are now members of Employees Provident Funds Scheme,1952, drawing wages less than 15,000 rupees per month and employed in establishments, already included under the Employees Provident Funds And Miscellaneous Provisions Act 1952, employing up to one hundred employees, with 90% or more of such employees drawing less than 15,000 rupees monthly wages Please connect to the document for specific information

new schemes 2020 pmky



Monday, 20 April 2020

Legal Alert ! EPF Addition Due Date Continued March 2020

Legal Alert! EPF Addition Due Date Continued For The Month Of March 2020


EPF march 2020 notification

EPFO vide notification no.C-I/Misc./2019-20/VolII./Part./9 has continued the due date for payment of addition and legislative charges inspection charges due for compensation month March 2020 from 15th April 2020 to 15th May 2020 i.e. grace period of thirty days (16th April 2020 to 15th May 2020) for filing of Electronic Challan cum Return(ECR) to Formation disbursing wages for March 2020. Agent seeking the above relief need to file ECR for wage month March 2020 on or before 15th May 2020 duly certifying the expense of wages to employees by acknowledge the actual date of disbursement of wages for March 2020 in the column "Salary disbursal date" in the ECR and remit the contributions and administrative/ review charges on or before 15th May 2020. Please refer to the notification for more details

EPF Latest addition 2020

Monday, 9 December 2019

EPFO monthly contribution to be reduced to increase take home salary


EPF withdrawal

EPFO monthly involvement to be cut to division take-home income

The employee share of EPFO involvement may fluctuate between 9-12% dependent on areas. The elasticity will help employees to take home a better income said an official
The side effect of this change will lower the superannuation saving the number of employees in the long run.

NEW DELHI: The take-home income of employees in the organized the area may go up a little as the union government looks to permit select areas to cut monthly legal judgments on account of the employee's provident fund (EPF).

But, the side effect of this change will lower the superannuation saving amount of employees in the long run.

The variation of rules, which will be made part of the Social Security Code bill 2019, to be listed in Parliament this week, may permit employees to pay less than the present 12% legal involvement. In contrast, the employer involvement will go on at 12%.

Presently, both employees and employers of a recognized area establishment contributes 12% each of the basic income each month. The rules may not be general for all areas and government may permit this in a sure area like MSME, textile, and start-up firms, as per two government officials familiar with the improvement who spoke on the condition of privacy.

"The employee share of EPFO contribution may be different between 9% and 12%, depending on areas. The elasticity will help employees to take home a better income," the first official said.

Monday, 2 December 2019

Latest Employees' Provident Fund (PF) Withdrawal Rules 2019


Provident Fund (PF) withdrawal rules 2019

Latest PF 2019

According to EPFO, individuals are worthy to withdraw provident fund balance in the situation of marriages of children, their higher education, compensation of home loans, urgent medical situations, restoration of home, purchase or construction of a house, acquire of land and at a particular age before having retired.
However, certain rules have been put in place to address the urgent requirements of people under which a person is allowed for premature withdrawals from the EPF account.

New Withdrawal Rules Provident Fund (PF) 2019:-


  • Unemployment: According to the latest EPF rules, a person is allowed to withdraw up to 75% of the total EPF balance on being unemployed for one month after resigning a job. The left 25% of the EPF balance can be withdrawn if the person remains jobless for over 2 months.


  • Retirement: After reaching the age of 54 years and within 1 year of retirement/superannuation (whichever is earlier), a person is suitable to withdraw up to 90% of the PF balance.


  • Marriage/education of children: In case of financial requirement for the purpose of marriages or post matriculation education of children, you can withdraw up to 50% of the employee share with interest-only after ending of 7 years.epf withdrawal online


  • Handicapped: by any chance of handicapped people, the EPFO body allows part withdrawal from the EPF balance for buying equipment for minimizing trouble on account of handicap. Under this, a person can withdraw 6 month’s basic wages and high cost of living allowance (DA) or employee share with interest or cost of equipment, whichever is the least.

how to pf withdraw

  • Illness: A person can apply for partial withdrawal from the EPF balance for the treatment of illness in certain cases. For self-usage or for the treatment of family members, EPFO permits a person to withdraw 6 month’s basic wages and DA or employee share with interest, whichever is the least.


  • Loan repayment: For the compensation of home loan EMIs, an individual is eligible to withdraw 36 month’s basic wages and DA or total of employee and employer share with interest or total remaining principal and interest, whichever is least, only after finishing the 10-year membership period. pf withdrawal process online


  • Purchase of land/house: A person is allowed for impulsive partial withdrawal from the EPF account for purchasing land or house only after finishing point of 5 years as a member of EPFO. For the purpose of purchase of house/flat/construction of house including the acquisition of the site, an individual is allowed to withdraw the total of employee and employer share with interest or total cost or 24 month’s basic wages and DA (for purchase of site)/36 month’s basic wages and DA (for purchase of house/flat/construction), whichever is lower.


  • House renovation: Entertainingly, EPFO also has a facility of incomplete premature withdrawal for addition/adjustment/development in the house owned by member/spouse/jointly with a spouse. Under this, a person can withdraw 12 month’s basic wages and DA or employees share with interest or cost, whichever is the least. This aptitude can be availed two times, first time, after 5 years of completion of the house and, for the second time, after 10 years from withdrawing the balance for the first time. Latest EPF 2019

Further Extension Of Due Date For Filing Annual Returns Under The Maharashtra State Tax.

 Further Extension Of Due Date For Filing Annual Returns Under The Maharashtra State Tax On Professions, Trade, Callings, And Employments Ac...