What is the new change regarding PF rate reduction and how greytHR has addressed this requirement?

Amid COVID-19 outbreak, the Indian government has introduced relaxation measures to overcome the financial crisis. 

One of the significant relaxations is reducing statutory PF contribution to 10% from the existing 12% for all establishments covered by EPFO. The relaxation helps to increase the net take-home of the employee by 2% and also give some relief to employers in payment of Provident Fund (PF) dues. The relaxation will be applicable for a period of 3 months from May 2020 to July 2020.

We certainly understand your concerns on these relaxation measures. Our team of payroll experts have already started and will be soon coming up with the best feasible solution. Stay tuned for the official announcement.

Meanwhile, in case of any clarifications required in the current structure, you can reach out to the support team, and we would be happy to help.

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Related Links:

Video- To watch greytHR videos, click here.

FAQs- To read more FAQs about Voluntary Provident Fund, click here.

Documentation- To learn more about Voluntary Provident Fund, click here.

Product Update- To read about the product update, click here.