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Friday, January 08, 2016

Removal of 5 Days Grace Period from EPF act 1952

Dear all,


As per Para 38(1) of the EPF Scheme 1952 Paragraph 3 of Employees Pension Scheme 1995 and Paragraph 8(1) of the Employees Deposit Link Insurance the required EPF dues was to be paid within 15 days of close of every Month initially 5 days grace period was allowed as the reconciliation  & payment was done manually and bank required additional time for the same 


In the present era now all as from 1st Jan 2016 all EPF payments are to made online compulsory due to this online remittance the respective additional time taken by the bank has been reduced in this regards the grace period of 5 days available to employer for depositing the contribution & other dues is withdrawn  herewith. This decision apply from Feb 2016 ( Contribution for the Month of Jan 2016 & payable in the Month of Feb-2016) 

The respective circular is appended below