On December 2, 2024, the Government of West Bengal announced the revised rates for employee contributions to be implemented from January 1, 2024. The new rules, which aim to streamline and standardize the contribution process, are set to impact both employers and employees in the state.
Key Highlights of the New Contribution Rates:
- Employer’s Contribution: Employers will now be required to contribute Thirty Rupees for each employee registered under their establishment. This is a fixed amount, ensuring clarity for businesses in terms of their financial obligations.
- Employee’s Contribution: There will be no change to the employee’s contribution, which will remain at Three Rupees. This means employees will continue to contribute the same amount as before, maintaining consistency in their financial responsibility.
- Payment Schedule: Both employer and employee contributions will be due every six months, with the payment deadlines set for June 30th and December 31st each year. This bi-annual payment structure is designed to make the process more predictable and manageable for all parties involved.
This change will take effect starting from January 1, 2024, and employers are advised to update their records accordingly to comply with the new regulations.
