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शुक्रवार, अगस्त 11, 2017

Employees' EPF contribution can add up to one percent

In order to create new job opportunities in the organized sector, the government is considering increasing the contribution of the employees' provident fund under the Prime Minister Employment Incentive Scheme (PMRPY). In this, a percentage share of basic pay can be increased. The government launched this scheme in August last year. Under the Employee Pension Scheme (EPS) during the first three years of employment, the EPS (Employee Pension Scheme) of the employees is obliged to pay the full share of contributions, whose salary is Rs. 15,000 per month. This information has come up in accordance with the report published in the Financial Express.

Out of the total contribution of EPF, 8.33 per cent is spent in EPS, 3.67 per cent in EPF, 0.65 per cent administrative, 0.5 per cent Employee Deposit Linked (EDLI) Scheme and 0.01 per cent EDLI Maintenance.

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