EPFO announces major relief for companies, no penalty for delayed deposit
New Delhi: The Employees’ Provident Fund Organisation (EPFO) on Friday introduced main aid to the businesses stating that no penalty shall be levied upon them for penalty for delayed deposit of dues throughout lockdown.
The transfer is aimed to ease the compliance norms for six.5 lakhs EPF lined institutions and save them from legal responsibility on account of penal damages.
“Due to prolonged lockdown announced by the Govt. to control the spread of COVID-19 and other disruptions due to pandemic, establishments covered under EPF & MP Act, 1952 are distressed and unable to function normally and pay the statutory contributions in time,” an official launch mentioned.
Considering the issue confronted by the institutions in well timed deposit of contributions or administrative expenses due for any interval throughout lockdown, the EPFO has determined that such delays as a consequence of operational or financial causes shall not be handled as default and penal damages shouldn’t be levied for such delay.
EPFO mentioned {that a} round relating to this has been issued to Field Offices of EPFO containing directions to the impact that no continuing shall be initiated for levy of penal damages in such circumstances which is out there underneath TAB “COVID-19” on residence web page of EPFO web site.
It could also be recalled that Finance Minister Nirmala Sitharaman on Wednesday (May 13) asserting the primary tranche of the Rs 20 lakh crore Atmanirbhar Bharat Package had mentioned that that for the following three months worker provident fund (EPF) contribution shall be 10 per cent every for workers and employers as in comparison with the statutory obligation of 12 per cent. The transfer is to extend take-home wage for workers and to present aid to employers in fee of provident fund.
The authorities has determined to proceed EPF assist for enterprise and staff for Three extra months offering a liquidity aid of Rs 2,500 crores, the FM mentioned. Under this new provision, the employers will proceed to pay 12 per cent, whereas staff can have the choice to pay 10 per cent for the following three months.
This will profit practically 3.6 lakh institutions and as many as 72.22 lakh staff may even avail this profit, mentioned FM Sitharaman.
$(function() { return $("[data-sticky_column]").stick_in_parent({ parent: "[data-sticky_parent]" }); });
reset_scroll = function() { var scroller; scroller = $("body,html"); scroller.stop(true); if ($(window).scrollTop() !== 0) { scroller.animate({ scrollTop: 0 }, "fast"); } return scroller; };
window.scroll_it = function() { var max; max = $(document).height() - $(window).height(); return reset_scroll().animate({ scrollTop: max }, max * 3).delay(100).animate({ scrollTop: 0 }, max * 3); };
window.scroll_it_wobble = function() { var max, third; max = $(document).height() - $(window).height(); third = Math.floor(max / 3); return reset_scroll().animate({ scrollTop: third * 2 }, max * 3).delay(100).animate({ scrollTop: third }, max * 3).delay(100).animate({ scrollTop: max }, max * 3).delay(100).animate({ scrollTop: 0 }, max * 3); };
$(window).on("resize", (function(_this) { return function(e) { return $(document.body).trigger("sticky_kit:recalc"); }; })(this));
}).call(this);
} on_load_google_ad(); function sendAdserverRequest() { try { if (pbjs && pbjs.adserverRequestSent) return; googletag.cmd.push(function() { googletag.pubads().refresh(); }); } catch (e) {
googletag.cmd.push(function() { googletag.pubads().refresh(); }); } } setTimeout(function() { sendAdserverRequest(); }, 5000);
function on_load_fb_twitter_widgets(){ (function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = "https://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.9"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk'));
window.twttr = (function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0], t = window.twttr || {}; if (d.getElementById(id)) return t; js = d.createElement(s); js.id = id; js.src = "https://platform.twitter.com/widgets.js"; fjs.parentNode.insertBefore(js, fjs); t._e = []; t.ready = function(f) {
t._e.push(f); }; return t; }(document, "script", "twitter-wjs")); }
//setTimeout(function() { on_load_google_ad(); }, 5000); setTimeout(function() { on_load_fb_twitter_widgets(); }, 5000);
Source