New EPF Rule: Changes In In-Hand Salaries And CTCs From May 2020

how-to-withdraw-epf-advance

Highlights: The Central Government update the EPF rules for 3 months starting May 2020 The Statutory rate of contribution has been dropped from 12% to 10% for both, the employees and the employers The Central Government has changed the Employees’ Provident Fund (EPF) rules for a total of three months starting from May which will result in an increased in the in-hand salary without a change in the total CTC (Cost To Company). This step was taken to ease up the liquidity pressure on both, employees and employers. The government…

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No PF deduction from salary for three months

Provident Fund

The government of India is trying its best to support citizens in these tough times of lockdown. Amongst a series of benevolent steps taken by the government, now employee’s contribution towards PF will not be deducted from their salary for the next three months, provided the employers to fulfill certain conditions. Similar steps have been taken up by the government to help and support those who are below the poverty line, and daily wagers. Like, early withdrawal of funds from APY has been permitted, advance pension for three months also…

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