The Employee Provident Fund Organisation reduced the PF Administrative Charges from 1.10% to 0.85% vide circular dated 2 Mar 2015. The reduced rates are applicable from 1 January 2015. The administrative charges payable by the employer under the EDLI scheme has also been revised and shall be Rs. 200/- per month per establishment and a minimum of Rs. 25/- per month for every non-functional establishment having zero contributory member.
As intimated in our earlier newsbox update, greytHR will automatically update the revised Admin Charges for all clients from 16 March 2015. The PF Admin charges for the March 2015 payroll will be calculated as per the revised rates.
Regarding the excess amount paid in Jan 2015 and Feb 2015, at present there is no clarity on the procedure to adjust the amount. Updates are expected from EPFO.
However, to further simplify the process of knowing the excess amount paid against each employee for January and February, we have incorporated the PF - Admin Charges Revision Report.
To access the report, please go to Reports Gallery > Provident Fund in greytHR. Select Jan 2015 or Feb 2015 and generate the report. You can now view employee wise the PF Admin Charges paid (@ 1.1%), Revised PF Admin Charges (@0.85%), and the Difference Amount. You also obtain the monthly total amount.
