I wanted new announce rule that new employees EPF contribution 12% will pay the Government up to three years. Is it employee salary 12% pf deduction will pay by the Govt. How can it be possible? please clarify.
From India, Anand
2From India, Anand
There is no rule that the government will bear 12% of contribution for the entire new employees. It is 8.33% being the payable to Pension Fund by the employer. Certainly, for textile sector the government contribution will be available for the 3.67% contribution payable to Provident Fund also. The scheme aims at incentivising employers who generate new employment. There are a few conditions.
1. It is applicable in respect of employees joined after 1-4-2016
2. These employees should be new employees and should not have a UAN or Pf cover in any earlier establishment.
3. Their salary should not be more than Rs 15000
4. The employer's contribution towards Pension Fund will be paid by the government and it will continue for 3 years.
5. The base for deciding whether there is any employment generation is March return. As such if you had 100 employees in March and in April, you have additional manpower and your employment strength has become 107, then the new employment generation is 7.Out of this seven, if, say 2 persons have UAN or were already PF members, then these two will not come under new employee and only the rest 5 persons will be considered as newly generated employment and in respect of them, the employer need not pay his share of 8.33% for 3 years but only pay 3.67 which is towards Provident Fund along with employees' share of 12%. Employees should invariably pay their share of 12% without fail. For textile industry the 3.67% is also paid by the government.
From India, Kannur
1. It is applicable in respect of employees joined after 1-4-2016
2. These employees should be new employees and should not have a UAN or Pf cover in any earlier establishment.
3. Their salary should not be more than Rs 15000
4. The employer's contribution towards Pension Fund will be paid by the government and it will continue for 3 years.
5. The base for deciding whether there is any employment generation is March return. As such if you had 100 employees in March and in April, you have additional manpower and your employment strength has become 107, then the new employment generation is 7.Out of this seven, if, say 2 persons have UAN or were already PF members, then these two will not come under new employee and only the rest 5 persons will be considered as newly generated employment and in respect of them, the employer need not pay his share of 8.33% for 3 years but only pay 3.67 which is towards Provident Fund along with employees' share of 12%. Employees should invariably pay their share of 12% without fail. For textile industry the 3.67% is also paid by the government.
From India, Kannur
Dear Sir,
You have written old rules in which Government will pay EPS 8.33% of employer share.
I asking just announcing rules in Feb-2018 in budget session. Finance minister Mr. Jatelly announced that new employee 12% contribution Govt will pay up to three years and female employees Pf deduction reduced 8% instead of 12%.
From India, Anand
You have written old rules in which Government will pay EPS 8.33% of employer share.
I asking just announcing rules in Feb-2018 in budget session. Finance minister Mr. Jatelly announced that new employee 12% contribution Govt will pay up to three years and female employees Pf deduction reduced 8% instead of 12%.
From India, Anand
What all they speak in budget sessions may not be implemented. You may wait for the notification. I have no idea about 12% contribution by Govt. Why female male differentiation, I don't know. Female are equal to male, they say. Then why their contribution is only 8%, and what happens to that 4%, will it be paid by government?
From India, Kannur
From India, Kannur
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