Provident Fund account holders would be glad to know that they have been given a big relief – there will be no cut in the Provident Fund contribution.
Central government has announced that there will be no cut in the Provident Fund contribution,dismissing all rumors around it. The government has clarified that there was no plan to cut provident fund contribution.
Currently, the contribution towards the Provident fund is by the employee and the employer to the tune of 12 pct of the employee’s salary. The news was that the government would cut PF contribution from 12 pct to 6 pct. There were also reports that the contribution would be brought to 10 pct from 12 pct.
The clarification from government came on a question raised by Bhagwant Khuba, who is a Member of Parliament (MP) from Bidar in Karnataka.
The MP had raised the query before Minister of State (MoS) with Independent Charge in the Ministry of Labour and Employment Santosh Gangwar…Read more>>