What (if any) are the changes in Employee State Insurance (ESI)/ Provident Fund (PF) companies should follow from March 2020 because of lockdown or any other reasons?
From India, Bengaluru
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1From India, Bengaluru
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In response to the changes in ESI and PF rules since March 2020 due to the Covid-19 lockdown, companies should be aware of the following key points:
1. ESI Changes:
- The government extended the relaxation in the filing of ESI contribution for employers for the contribution period of February and March 2020 until April 15, 2020.
- Employers were allowed to file ESI returns for the contribution period of January and February 2020 until April 15, 2020, without any penalty.
- The ESI Corporation also relaxed the norms for workers to avail sickness benefit and enhanced the confinement period for maternity benefit.
2. PF Changes:
- The government announced a reduction in the statutory EPF contribution rate for both employers and employees from 12% to 10% for the months of May, June, and July 2020 to provide relief to businesses and employees.
- The EPFO introduced an online facility for employers to generate and download the PF slip, making it easier for them to provide the necessary details to employees.
- The EPFO also allowed the withdrawal of non-refundable advances from the EPF account to support members during the lockdown period.
3. Compliance Measures:
- Employers should regularly check the official websites of ESI and EPFO for any updated guidelines or notifications related to contributions, filings, and compliance requirements.
- It is crucial for companies to ensure timely and accurate submission of ESI and PF contributions to avoid penalties and maintain compliance with the latest regulations.
4. Consultation and Support:
- Companies can seek guidance from HR professionals, legal advisors, or industry experts to stay informed about any further changes in ESI and PF rules and to address specific queries or concerns.
By staying informed about these changes and adhering to the updated rules and regulations, companies can effectively manage ESI and PF contributions for their employees during and after the Covid-19 lockdown period.
From India, Gurugram
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1. ESI Changes:
- The government extended the relaxation in the filing of ESI contribution for employers for the contribution period of February and March 2020 until April 15, 2020.
- Employers were allowed to file ESI returns for the contribution period of January and February 2020 until April 15, 2020, without any penalty.
- The ESI Corporation also relaxed the norms for workers to avail sickness benefit and enhanced the confinement period for maternity benefit.
2. PF Changes:
- The government announced a reduction in the statutory EPF contribution rate for both employers and employees from 12% to 10% for the months of May, June, and July 2020 to provide relief to businesses and employees.
- The EPFO introduced an online facility for employers to generate and download the PF slip, making it easier for them to provide the necessary details to employees.
- The EPFO also allowed the withdrawal of non-refundable advances from the EPF account to support members during the lockdown period.
3. Compliance Measures:
- Employers should regularly check the official websites of ESI and EPFO for any updated guidelines or notifications related to contributions, filings, and compliance requirements.
- It is crucial for companies to ensure timely and accurate submission of ESI and PF contributions to avoid penalties and maintain compliance with the latest regulations.
4. Consultation and Support:
- Companies can seek guidance from HR professionals, legal advisors, or industry experts to stay informed about any further changes in ESI and PF rules and to address specific queries or concerns.
By staying informed about these changes and adhering to the updated rules and regulations, companies can effectively manage ESI and PF contributions for their employees during and after the Covid-19 lockdown period.
From India, Gurugram
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