EPFO meet today; PF contributions likely to be lowered to 10%

Trustees of retirement fund body EPFO may approve a proposal on Saturday to reduce the mandatory contributions toward social security schemes run by it to 10 % for workers as well as employers. Presently, employees and employers contribute 12 % of basic wages each towards Employees Provident Fund Scheme, Employee Pension Scheme and Employee Deposit Linked Insurance Scheme.

The proposal to reduce the contributions by employers and employees to 10 % of basic wages, including basic pay and dearness allowance, is listed on the agenda for meeting of the Employees' Provident Fund Organisation scheduled on May 27, 2017 in Pune, a source said.