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PF Department - Getting Efficient

Reduction in Administrative costs
EDLI Administrative cost - Kept in Abeyance
Each month PF Department collects from employers FOUR  components.
 A - Contribution towards a Corpus Fund. The contribution is the aggregate of Employee and Employers share.
 B - Contributions towards a Pension Scheme
 C - Insurance Premia for a Deposit Linked Insurance Scheme EDLI and
 D - Administrative charges.
The admin charges which was set at 0.85% of wages is now being reduced to 0.65% w.e.f. April 1st, 2017. As regards the EDLI Administrative contribution, is being kept in abeyance w.e.f. April 1st until further notified. This is a welcome and pleasant change of the Government reducing rates, although it may not be very material.  
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This article is published for educational purposes only.

 

Sub Title: 
Reduction in Administrative costs