Ministry of Labour notifies provident fund contribution scheme
PrintListen to this Article
0:00
0:00
The labour ministry on Friday notified the special scheme wherein the government will contribute 24% of the employee and employer provident fund share per month for three months to PF accounts of employees earning less than Rs 15,000 to tide over the impact of Covid-19 on small establishments.
Under the scheme, the central government will grant relief in form of credit of EPF & EPS contributions (24% of wages) for three months in UANs of contributory EPF members, earning monthly wage of less than Rs 15,000.
It will cover staff already employed in EPFcovered establishments/factories employing up to 100 employees with 90% or more of such employees earning monthly wage of less than Rs 15000.
“This would prevent disruption in the employment of low wage earning EPF members and support EPF covered establishments employing up to 100 employees,” the ministry said in a notification.
The EPFO has put in place an electronic mechanism as part of the electronic challan-cum-return (ECR) filing to enable the establishments to avail the relief in respect of their eligible employees.
The employer in relation to any eligible establishment, shall disburse wages for the month to all employees of the establishment and file ECR with required certificate and declaration to avail the benefit.
After ECR is uploaded and eligibility of establishment and employees is validated, the challan will separately show the amount of employees’ and employers’ contributions due as central government relief in respect of eligible employees and the remaining amount payable by the employer. #casansaar (Source - PTI, Economic Times)
Under the scheme, the central government will grant relief in form of credit of EPF & EPS contributions (24% of wages) for three months in UANs of contributory EPF members, earning monthly wage of less than Rs 15,000.
It will cover staff already employed in EPFcovered establishments/factories employing up to 100 employees with 90% or more of such employees earning monthly wage of less than Rs 15000.
“This would prevent disruption in the employment of low wage earning EPF members and support EPF covered establishments employing up to 100 employees,” the ministry said in a notification.
The EPFO has put in place an electronic mechanism as part of the electronic challan-cum-return (ECR) filing to enable the establishments to avail the relief in respect of their eligible employees.
The employer in relation to any eligible establishment, shall disburse wages for the month to all employees of the establishment and file ECR with required certificate and declaration to avail the benefit.
After ECR is uploaded and eligibility of establishment and employees is validated, the challan will separately show the amount of employees’ and employers’ contributions due as central government relief in respect of eligible employees and the remaining amount payable by the employer. #casansaar (Source - PTI, Economic Times)
Category : General | Comments : 0 | Hits : 1136
Also Read -
India Features in World Bank’s Top Five Rankings for Private Investment in Infrastructure
Infrastructure remains a cornerstone of India’s long-term growth framework, with public capital expenditure maintaining a consistent upward momentum since FY15. A defining development in th...
Also Read -
India's FY26 GDP Growth Projected at 7.4%, Supported by Strong Consumption and Investment Momentum
India’s economy is projected to expand by 7.4 per cent in FY26, supported by the twin drivers of consumption and investment, reinforcing its position as the world’s fastest-growing major e...
Retirement fund body EPFO has said it will no longer use Aadhaar as a valid document for proof of date of birth. In an official circular on January 16, the Employees' Provident Fund Org...
Comments