Covid-19 PF Relief Component (22)

Covid-19 pandemic pushed the economy into a major financial crisis. The Central Government has come up with several relaxation measures to ensure cash liquidity with the employers and employees. The Ministry of Labour and Employment published a notification dated 18th May 2020 to provide relief for PF by allowing employee and employer to reduce their PF contribution rate. greytHR is now ready with these changes in the application. You can configure the Covid-19 PF relief component from the Payroll Process and Salary page.

How will the reduced rate of contribution impact amount of pension in the long run?

Created by Product Content Team, Modified on Mon, 18 Mar at 7:06 AM by Product Content Team
How is benefit availed? One has to pay at full rate and claim reimbursement later, or direct payment at a reduced rate can be made.

Created by Product Content Team, Modified on Mon, 18 Mar at 7:07 AM by Product Content Team
Is the 10% rate of contribution applicable to establishments which get registered with EPFO during wage months May 2020, June 2020, and July 2020?

Created by Product Content Team, Modified on Mon, 18 Mar at 7:08 AM by Product Content Team
I get salary under Cost to Company (CTC) model, will the reduced rate of contributions which is up to 10% still benefit me?

Created by Product Content Team, Modified on Mon, 18 Mar at 7:08 AM by Product Content Team
How does reduced rate of contributions help employees and employer?

Created by Product Content Team, Modified on Mon, 18 Mar at 7:09 AM by Product Content Team
Are exempted establishments eligible for the reduced rate of contribution?

Created by Product Content Team, Modified on Mon, 18 Mar at 7:10 AM by Product Content Team
Who are eligible for the reduced rate of contributions?

Created by Product Content Team, Modified on Mon, 18 Mar at 7:11 AM by Product Content Team
What is the period for which the reduced rate of contribution is applicable?

Created by Product Content Team, Modified on Mon, 18 Mar at 7:12 AM by Product Content Team
Is the option to contribute at a reduced rate available to establishments availing PMRPY benefits?

Created by Product Content Team, Modified on Mon, 18 Mar at 7:13 AM by Product Content Team
Whether any notification has been issued under the EPF & MP Act, 1952 for reducing the rate of contributions? If so, how can I access the notification?

Created by Product Content Team, Modified on Mon, 18 Mar at 7:14 AM by Product Content Team