The Ministry of Labor has now taken a big step in the interest of the Employees' Provident Fund Organization (EPFO) employees. This will provide relief to the employees who default or delay depositing Provident Fund, Pension, and Insurance Contributions. EPFO has reduced the panel charge for these employees.
Earlier this charge on these employees by the Employees' Provident Fund Organization was the highest at 25 percent, but it has been reduced to one percent of the outstanding per month or 12 percent annually.
The Ministry of Labor recently issued a notification informing that the penalty will be recovered from the employee at the rate of one percent of the outstanding contribution every month or 12 percent per annum in three schemes Employees' Pension Scheme, Employee Provident Fund Scheme, and Employees Deposit Linked Insurance Scheme under EPFO. This step of the Ministry of Labor will provide relief to the Employees' Provident Fund Organization employees.
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