The Ministry of Labor and Employment vide notification dated the 18th May, 2020, has amended the notification dated the 9th April, 1997, to lower rates of provident fund contribution at 10%. The existing rate of contribution by both employee and employer is 12%.
It shall be applicable to any establishment, other than Central Public Sector Enterprises and State Public Sector Enterprises and other establishments owned by, or under the control of the Central Government or the State Government, as the case may be, in respect of wages payable by it for the months of May, June and July, 2020”. and this benefit shall not be available to the establishments eligible for relief under the Pradhan Mantri Garib Kalyan Yojana guidelines.
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