EPF Contribution From 1st August 2020

• From August 1, EPF contributions will be deducted at 12 per cent

  As part of the government's Atma Nirbhar Bharat package, in May, Finance Minister Nirmala Sitharaman announced that monthly EPF contributions (of both employers and employees) was to be reduced from 24 per cent to 20 per cent for the months of May, June and July 2020.
  
  Since the reduced Employees' Provident Fund (EPF) contribution amount was for three months (till July), from August onwards the EPF contribution will get deducted at 24 per cent again (i.e., 12 per cent each by the employee and the employer).
  
  How much is contributed to EPF kitty every month
  According to the EPF scheme rules, the employee contributes 12 per cent of basic wages plus dearness allowance from his salary every month towards his EPF account, and the employer matches the contribution of 12 per cent. So, in total, 24 per cent of the employee's pay goes towards his/her EPF account.

  Source - https://economictimes.indiatimes.com

• https://economictimes.indiatimes.com/wealth/invest/from-august-1-epf-contributions-will-be-deducted-at-12-per-cent/articleshow/77259286.cm