Amendments & Notifications
- Employment Provident Funds - Latest rules of EPF for 2017
- Revision of minimum salary limit for withdrawal by EPFO Earlier the minimum salary for mandatory contribution was INR 6500 per month but this limit has been revised to INR 15000.
- Changes in pension amount by the Employees Provident Fund Organization The minimum monthly pension has been set to INR 1000 which will be given to the widow of the EPF member. The minimum monthly pension for the children and orphans of EPF member has also been revised and set to minium INR 250 and INR 750 respectively.
- Change in amount of Employer's contribution towards EPF The contribution to the EPF has been revised and fixed to INR 1250 per month irrespective of the salary of the EPFO member. This fixed amount is applicable only for the members having salary less than or equal to INR 15,000.
- Changes in threshold limit by the Employees Provident Fund Organization As per the revised threshold limit every firm or organisation having group size of 10 employees will be considered eligible for the EPF contribution. The previous threshold limit was of 20 employees.
- Changes in withdrawal scheme by the EPFO The rate of interest given by the EPFO, India to the final accumulation on yearly basis is set to 8.6% for the financial year of 2016-17.
The MB Amendment Act has increased the duration of paid maternity leave for women employees from the existing 12 weeks to 26 weeks. Under the MB Amendment Act, this benefit could be availed by women for a period extending up to 8 weeks before the expected delivery date and remaining 18 weeks can be availed post childbirth. For women who are expecting after having 2 children, the duration of paid maternity leave shall be 12 weeks (i.e., 6 weeks pre and 6 weeks post expected date of delivery).
With effect from 6 December 2016 as per the amendment under the Payment of Bonus Rules, 1975, all employers are now required to upload annual returns in respect of the preceding year on the web portal of the Ministry of Labour and Employment before 1 February of each year. Prior to this employers were required to upload the returns within a period of 8 months from the close of the accounting year as was specified under Section 19 of the Bonus Act.