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Employee Provident Fund Organisation's (EPFO's) decision to reduce administrative charges to 0.65 per cent of total wages of an employee is likely to boost compliance and encourage more employers to avail of the scheme.
The Central Board of Trustee (CBT) had approved the proposal to reduce the administrative charges to 0.65 per cent from the existing 0.85 per cent of total wages, on which contributions are payable. This has been a long pending demand of industry bodies and employer organisations.
The new rate of administrative charge would be applicable from April 1, 2017. However, the notification provides that the employer
