You have to take this important decision related to EPF, the company asked you or not?

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EPFO: In the wake of the corona virus epidemic, the central government has reduced the contribution of both the employee and employer in the Employee Provident Fund (EPF) from 12 percent to 10 percent for three months. Due to this, more salary will come in the hands of employees for three months. In this, there will be an option for the Ministry not to reduce its 2 per cent contribution to PF employees.



The Ministry has placed the option of Voluntary Provident Fund (VPF) to the employees for the months of May, June and July under which they can continue to contribute their 12 per cent to the PF. Companies will contribute 10 percent to the PF account for these three months.

Also Read: Comfortable with your liquidity situation? Opt for higher EPF contribution

Companies are offering their employees an opportunity to opt in by sending e-mail in this regard. If the employee has not opted for VPF, then his contribution will also be 10 percent in his PF account. In this situation, only 10-10 percent contribution will be deposited in the PF account from both the employer and the employee. By the way, this system will remain in force for only three months and after that 12-12 percent contribution of both will start accumulating. If the employee does not have the cash deficit and wants to deposit 12 percent of the amount in his PF account, then he can choose it under Voluntary Provident Fund (VPF). For this, he has to be alert and if the company has not sent this email then he will have to talk about it.



Possibility of tax:

Take home salary will increase due to reduced EPF contribution for these three months. Due to this, the salary of some people may also come under the income tax.

It will also be a disadvantage:



For these three months more salary will come in the hands of the employees, but if seen from a long perspective, then it will also suffer. He will deposit less amount in his PF account, besides he will also lose interest.

The post You have to take this important decision related to EPF, the company asked you or not? appeared first on informalnewz.



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