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Employers EPF share of 2% to be passed on to employee in a CTC model   May 19, 2020

In Press Release dated 19th May 2019, the Ministry of Labaour & Employment has clarified that in Cost to Company (CTC) model the benefit of 2% reduction in the employers share of PF has to be passed on to the employee. The statment issue by the Ministry states that  if Rs.10000/- is monthly EPF wages, in CTC Model the employee gets Rs.200/- more directly from employer as employer’s EPF/EPS contribution is reduced and Rs.200/- less is deducted from his/her wages.

The clarifiication also states that under the EPF Scheme, 1952 any member has the option to contribute at a rate higher than statutory rate (10%) and employer can restrict his contributions 10% (statutory rate) in respect of such employee.

Text of the Press Release is attached  

 

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