Employer Epf Contribution Rate 2019 20

The union labour minister santosh gangwar announced the new interest rates for epf on 3rd march 2020. For sick units or establishments with less than 20 employees the rate is 10 as per employees provident fund organisation s epfo guidelines. In case of non restricted contribution pf will be on actual contribution i e 12 of 15500 1860 which is the employee contribution.

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Epf Contribution Rate For Employee And Employer In 2019 Planmoneytax

During this period your employer s epf contribution will remain 12.

Employer epf contribution rate 2019 20. The interest rate for the scheme has been revised and lowered by 0 15 for the current financial year. 423 e whereas a draft containing certain rules further to amend the employees state insurance central rules 1950 were published in the gazette of india extraordinary part ii section 3 sub section i vide number g s r. Also as per budget 2018 the rate of interest applicable on epf is 8 65. 12 of 20000 inr 2 400.

Let assume the basic salary of a person is inr 20 000. Employer contribution will be split as. To pay contribution on higher wages a joint request from employee and employer is required para 26 6 of epf scheme. Mole goi notification dt.

Contribution for epf. Revised esi contribution rates employer 3 25 employee 0 75. 15000 the employee can pay at a higher rate and in such case employer is not under any obligation to pay at such higher rate. If the maximum wage ceiling is rs 15 000 contributions are mandatory.

Eps contribution will be a maximum of 1250. The pf interest rate 2019 20 is 8 5 per cent while for 2018 19 it was declared at 8 65 per cent up from 8 55 per cent for the fy 2017 18. So below is the breakup of epf contribution of a salaried person will look like. 121 e dated the 15th february 2019 as.

Employer contribution will be split as. Under epf the contributions are payable on maximum wage ceiling of rs. Revised epf interest rate for 2019 20. Monthly contribution rate third schedule the latest contribution rate for employees and employers effective january 2019 salary wage can be referred in thethird schedule epf act 1991 employers are required to remit epf contributions based on this schedule.

2 3 67 of employer s share in epf of 20000 inr 734. For more information check out related articles uan registration uan login pf balance check epf claim status. If the employer pays a higher amount the employer does not have to pay a higher rate as well. Any extra contribution will go into epf.

Now let s have a look at an example of epf contribution. For 2019 20 the interest rate is 8 50 which is reduced from the earlier 8 65 per cent. Employee contribution epf 12 20000 2400 employer contribution eps 8 33 15000 1250 difference 2400 1250 1150 total employer pf 1250 1150 2400 note even if pf is calculated at higher amount for eps we will take 15000 limit only remaining amount wil go to difference. 1 12 of employees share in epf i e.