This means that the companies need to only inform the EPFO
about the number of employees for which they are going to pay for the EPF contribution without the need for making the statutory contribution towards their EPF dues.
At present, firms are required to submit return to the EPF by the 15th of the subsequent month along with the need to make their contributions on time within one or two days.
“The contribution may by paid later by the employer after filing the ECR,” the EPFO said. A delay in contribution towards a worker’s EPF savings will not attract penalty, the EPFO added.
“Filing of ECR by the employer in time is indicative of employer’s intent to comply,” the EPFO said. It added that the government is contemplating “further relief to the businesses” affected “adversely” by the pandemic and this move will allow the authorities in taking a policy decision.
At present, 24 per cent of a worker's wage is deducted towards the EPF schemes – 12 per cent counted as employee’s share and the remaining 12 per cent as the employer’s share. Companies hiring at least 20 workers are required to make a contribution towards the EPF schemes.