EPF Contribution Rate 2020-21 PDF

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EPF Contribution Rate 2020-21

What is EPF: The Employees’ Provident Fund (EPF) is a savings scheme introduced under the Employees’ Provident Fund and Miscellaneous Act, 1952. It is administered and managed by the Central Board of Trustees that consists of representatives from three parties, namely, the government, the employers, and the employees.  The Employees’ Provident Fund Organization (EPFO) assists this board in its activities. EPFO works under the direct jurisdiction of the government and is managed through the Ministry of Labour and Employment.

EPF scheme aims at promoting savings to be used post-retirement by various employees all over the country. Employees’ Provident Fund or EPF is a collection of funds contributed by the employer and his employee regularly on a monthly basis. The employer and employee contribute 12% of each of the employee’s salary (basic + dearness allowance) to the EPF. These contributions earn a fixed level of interest set by the EPFO. The amount of interest to be received on the deposit along with the total accumulated amount is totally tax-free, i.e. the employee may withdraw the entire fund without worrying about paying any kind of tax on it.

Eligibility Criteria: 

  • Employees need to become an active member of the scheme in order to avail of benefits under this scheme
  • Employees of an organization are directly eligible for availing Provident Fund, insurance benefits as well as pension benefits since the day they join the organization.
  • Any organization employing a minimum of 20 workers is liable to give EPF benefits to the workers.
  • This scheme does not cater to the needs of people residing in Jammu and Kashmir.

EPF Contribution:

  • The contribution made by the employee goes totally towards the provident fund of the employee.
  • The contribution made by the employer is divided into different parts.
  • Total contribution made by the employer is distributed as 8.33% towards Employees’ Pension Scheme and 3.67% towards Employees’ Provident Fund.
  • Apart from the above-made contributions, an additional 0.5% towards EDLI has to be paid by the employer.
  • Certain administration costs towards EDLI and EPF standing at the rate of 1.1% and 0.01% respectively also have to be incurred by the employer.
  • This means that the employer has to contribute a total of 13.61% of the salary towards this scheme.

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