EPFO Update: Employees Provident Fund Organization, or EPFO, offers a wide range of amenities to its members. Utilizing all of these facilities has a huge positive impact on employees. If you are an EPFO subscriber as well, you ought to be aware of this information. Actually, EPFO has provided a significant update. Let us inform you that EPFO tweeted to welcome its members. Let’s find out what this EPFO tweet is and what it says.
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EPFO gave this information by tweeting
EPFO has made a tweet from its official Twitter account today i.e. on December 19. “Employers defaulting on contributions are liable to pay loss and interest on the amount due,” the EPFO stated.
EPFO shared this photo
Along with this, EPFO has shared a photo, in which it is written that the payment of loss and interest is payable to EPFO. It further states that in case of default on contribution of EPFO members, the amount payable under Section 14B of EPFO loss and Section 7Q of Interest will have to be paid.
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EPFO releases rate for recovery of losses
At the same time, EPFO has given rates for the loss to be recovered from those employers. In this, the loss will have to be paid at the rate of 5 percent annually in less than 2 months. At the same time, the loss will be charged at the rate of 10 percent annually in the time period of 2 to 4 months. For a period of 4 to 6 months, the loss will be charged at the rate of 15 percent annually. At the same time, after more than 6 months, the loss will be recovered at the rate of 25 percent annually. Along with this, EPFO said that to avoid any loss, all the members will have to pay their EPF contribution on time.
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