{"id":218782,"date":"2019-08-29T15:56:20","date_gmt":"2019-08-29T10:26:20","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=218782"},"modified":"2019-08-29T16:00:00","modified_gmt":"2019-08-29T10:30:00","slug":"breaking-centre-proposes-reduction-in-employees-provident-fund-contribution","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/08\/29\/breaking-centre-proposes-reduction-in-employees-provident-fund-contribution\/","title":{"rendered":"Breaking | Centre proposes reduction in Employees&#8217; Provident Fund contribution"},"content":{"rendered":"<p style=\"text-align: justify;\">As reported by <em>money control<\/em>, Ministry of Labour and Employment has recommended reducing\u00a0the contribution made by employees towards the Employees\u2019 Provident Fund (EPF).<\/p>\n<p style=\"text-align: justify;\">Presently, the mandated EPF contribution is 24 percent of basic pay, divided equally between employers and employees. The above-made suggestion is a part of the proposed Employees\u2019 Provident Fund and Miscellaneous Bill, 2019.<\/p>\n<p style=\"text-align: justify;\">It has been stated that once there would be a reduction in worker\u2019s contribution to the Employees&#8217; Provident Fund (EPF) it would result in the improvement of their in-hand-salaries.<\/p>\n<p style=\"text-align: justify;\">Another proposal is allowing employees to switch between the Pension Fund Regulatory and Development Authority-run National Pension Scheme (NPS) to the Employees Provident Fund Organisation (EPFO) scheme.<\/p>\n<p style=\"text-align: justify;\">A preliminary draft of the EPF and MP (Amendment) Bill, 2019, dated August 23 has sought suggestions and comments until September 22, 2019.<\/p>\n<hr \/>\n<p><strong>[Source: MoneyControl]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As reported by money control, Ministry of Labour and Employment has recommended reducing\u00a0the contribution made by employees towards the Employees\u2019 Provident Fund <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[30711,37321,37320],"class_list":["post-218782","post","type-post","status-publish","format-standard","hentry","category-hot_off_the_press","category-news","tag-epf","tag-epf-and-mp-amendment-bill-2019","tag-provident-fund-contribution"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Breaking | Centre proposes reduction in Employees&#039; Provident Fund contribution | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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2017","format":false,"excerpt":"The Government has taken a decision for modification in the Employees\u2019 Provident Funds (EPF) Scheme, 1952 to add a new paragraph 68 BD under which a member of Employees\u2019 Provident Fund (EPF), being a member of a co-operative society or a housing society having at least 10 members of EPF,\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, 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Surendra Mohan and A.M. Babu, JJ. dismissed an appeal filed by a bank and concluded that deposit collectors, who act as agents of the bank, are \u2018employees\u2019 for the purpose of Employees\u2019 Provident Funds and Miscellaneous Provisions Act, 1952 (EPF Act). 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