Reduction in Rate of Administrative Charges from 1.10°/o to 0.85°/o of the pay:
The Ministry of Labour and Employment, Government of India, has issued a notificationNo. S.O. 323(E) and S.O. 324(E) both dated 02.02.2015, to revise the rate of administrative charges under the Employees’ Provident Funds Scheme, 1952. New charges will be effective from 1st January 2015.
And according to the notification, the minimum monthly administrative charges will be Rs 25 for every non-functional firm having no (PF) contributing member and Rs 200 for any other establishments.
Summarised Table of PF rates
|
Various accounts of PF Challan |
OLD Rate |
New rates W.e.f 1-Jan-15 |
||
|
Employee |
Employer |
Employee |
Employer |
|
|
A/c No 1: PF contribution Account |
12% |
3.67% |
12% |
3.67% |
|
A/c No 2: PF Admin account |
1.10% |
0.85% |
||
|
A/c No 10: EPS account |
8.33% |
8.33% |
||
|
A/c No 21: EDLIS account |
o.50% |
o.50% |
||
|
A/c No 22: EDLIS admin account |
0.01% |
0.01% |
||
|
Net Rate |
12% |
13.61%* |
12% |
13.36%* |
*Additional contribution by employer has to pay is: 1.36 (old 1.61%) of basic.
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