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From August 1, EPF will be back to 12% each for employee, employer

As part of the measures taken by the government due to the COVID-19 pandemic, Finance Minister Nirmala Sitharaman had announced on May 8 that monthly Employees' Provident Fund (EPF) contributions of both the employers and employees were to be reduced to 20% from 24% for the months of May, June and July 2020. During this time, the reduced contribution amount meant that the take home pays of employees would be increased. So, starting from August 1 onwards the EPF contribution will get back to the earlier contribution of 24% which would be 12% each from the employee and the employer.

Read More at Moneycontrol News date : 31 Jul 2020, Friday

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