Employees Provident Fund Contribution: Currently, employees have to contribute 12 per cent of their monthly towards PF account. A matching contribution is made by the employer also.
Employees Provident Fund Contribution Rules 2020: The Union government is not planning to reduce the percentage of Provident Fund contribution from few professionals, working women and Divyand professionals, according to Minister of State for Labour and Employment Santosh Kumar Gangwar. The minister said this in a written reply to a query in the Lok Sabha this month.
The minister was asked: “whether it is a fact that the Government is planning to reduce the percentage of contribution to PF from few professionals and if so, the details thereof.” He was also asked “whether the Government is planning to include working women and Divyang professionals into the list of less contribution to PF.” Gangwar replied in negative to both these questions.
Currently, employees have to contribute 12 per cent of their monthly towards PF account. A matching contribution is made by the employer also. However, 8.33 per cent of the employer’s share goes towards Employees Pension Scheme and the remaining amount is contributed towards the Provident Fund account of the employee.
Watch: How to withdraw PF Online
In reply to another question on the number of employees covered under ESIC policy, Gangwar said that till 31-03-2019, there are 3.49 crore insured persons covered under ESI Scheme. These ESIC insured persons can avail medical services from 159 ESIC/ESIS hospitals and 1442 ESI Dispensaries across the country.
The Employees’ State Insurance Corporation (ESIC) provides social security to workers in the organized sector. Insured persons and their family members as defined in Employees’ State Insurance (ESI) Act, 1948 are entitled to the benefits available in the Act.
The EPFO’s Central Board of Trustees last week recommended crediting of 8.5 per cent annual rate of interest on the EPF accumulations in the EPF members’ accounts for the year 2019-20. The Board also ratified and appreciated restoration of normal pension after 15 years from the date of commutation, benefitting about 6.3 Lakh pensioners who had opted for commutation under the erstwhile Para 12-A of EPS, 1995 on or before 25.09.2008.