Reduction in statutory rate of EPF contribution from 12% to 10%
In view of the growing impact of Novel Coronavirus on the economy, an important measure is taken by the Government to minimise financial burden on the employers. The Ministry of Labour and Employment vide notification No. S.O. 1513(E) dated 18.05.2020 inserted a clause enabling reduction in statutory rate of EPF contribution from 12% to 10%