EPF contribution at 10% likely to push up your take home by only 1-2%
30 May 2020 by The Economic Times
As per the analysis, a 4% gross increase of basic wages due to reduction in EPF contribution to 10% for both employers and employees for May, June and July 2020 may not make a material difference to an employee.
The cut in Employees' Provident Fund (EPF) contribution from 12% to 10% of the monthly PF pay by both employer and employee announced by the government has raised a question in the minds of the employees: Will the cut impact the contribution made to the Employee' Pension Scheme (EPS)? By how much will my take home pay increase and how will it impact my tax outgo.