The Employees' Provident Fund Organization (EPFO) on Friday declared major relief to the businesses stating that no penalty are levied upon them for the penalty for delayed deposit of dues throughout the imprisonment.
The move is aimed to ease the compliance norms for six.5 lakhs EPF coated institutions and save them from liability on account of penal damages.
“Due to prolonged imprisonment declared by the government. to manage the unfold of COVID-19 and different disruptions thanks to pandemic, institutions coated below EPF & MP Act, 1952 area unit distressed and unable to operate ordinarily and pay the statutory contributions in time,” a politician unharness same.
Considering the issue long-faced by the institutions within the timely deposit of contributions or body charges due for any amount throughout the imprisonment, the EPFO has determined that such delays thanks to operational or economic reasons shall not be treated as default and penal damages shouldn't be levied for such delay.
EPFO same that a circular relating to this has been issued to Field Offices of EPFO containing directions to the impact that no continuing shall be initiated for levy of penal damages in such cases that is accessible below TAB “COVID-19” on the house page of EPFO web site.
It may be recalled that minister of finance Nirmala Sitharaman on Wednesday (May 13) saying the primary share of the Rs twenty large integer large integer Atmanirbhar India Package had same that that for succeeding 3 months worker provident fund (EPF) contribution are ten % every for workers and employers as compared to the statutory obligation of twelve %. The move is to extend net regular payment for workers and to allow relief to employers in payment of provident fund.
The government has determined to continue EPF support for business and employees for three a lot of months providing a liquidity relief of Rs two,500 crores, the FM same. below this new provision, the employers can still pay twelve %, whereas staff can have the choice to pay ten % for succeeding 3 months.
This will profit nearly three.6 large integer institutions and as several as seventy two.22 large integer staff also will avail this profit, same FM Sitharaman.
The move is aimed to ease the compliance norms for six.5 lakhs EPF coated institutions and save them from liability on account of penal damages.
“Due to prolonged imprisonment declared by the government. to manage the unfold of COVID-19 and different disruptions thanks to pandemic, institutions coated below EPF & MP Act, 1952 area unit distressed and unable to operate ordinarily and pay the statutory contributions in time,” a politician unharness same.
Considering the issue long-faced by the institutions within the timely deposit of contributions or body charges due for any amount throughout the imprisonment, the EPFO has determined that such delays thanks to operational or economic reasons shall not be treated as default and penal damages shouldn't be levied for such delay.
EPFO same that a circular relating to this has been issued to Field Offices of EPFO containing directions to the impact that no continuing shall be initiated for levy of penal damages in such cases that is accessible below TAB “COVID-19” on the house page of EPFO web site.
It may be recalled that minister of finance Nirmala Sitharaman on Wednesday (May 13) saying the primary share of the Rs twenty large integer large integer Atmanirbhar India Package had same that that for succeeding 3 months worker provident fund (EPF) contribution are ten % every for workers and employers as compared to the statutory obligation of twelve %. The move is to extend net regular payment for workers and to allow relief to employers in payment of provident fund.
The government has determined to continue EPF support for business and employees for three a lot of months providing a liquidity relief of Rs two,500 crores, the FM same. below this new provision, the employers can still pay twelve %, whereas staff can have the choice to pay ten % for succeeding 3 months.
This will profit nearly three.6 large integer institutions and as several as seventy two.22 large integer staff also will avail this profit, same FM Sitharaman.
Posts
0 Comments