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</html>";s:4:"text";s:30399:"The EPF interest rate for the year 2019-20 is 8.65%. A) Employee’s Contribution towards EPF. Reduction in statutory rate of EPF contribution for May, June, and July 2020 Posted by gautham on May 22, 2020. End month: December 2020's wage (January 2021's contribution). Ans. This calculator is used to calculate total amount accumulated in epf based on 12% employee's contribution and 12% of. The interest rates of EPF are mutually decided by the ministry of finance and the EPFO Central Board. The new minimum statutory rates, proposed in Budget 2019, are effective this month … Yes. We all know that, if Basic+DA is less than Rs.15000, then both the employer and employee contribution will be the same. Hence, the total ESI contribution would be: 112.5 + 487.5 = INR 600 From the latest 2021 budget, the government has announced the new rates of employee contribution is at 9% from 11%. Blogs related to UAM, UAN activation, PF Withdrawal, PF Transfer, PF Registration ... PF Contribution Rate 2020 | New EPF Rule. However, where employer’s share of EPF contribution is part of the CTC at 12 per cent rate, in such a scenario, an employee can request his/her employer to keep the contribution at 12 per cent for May, June, July 2020 instead of paying out the differential 2 per cent amount as salary to the employee. Temporary reduction of EPF employee contribution rate. To opt an employee out of the reduced rate, simply follow these steps. The government recently announced the 2020 Economic Stimulus Package.Apart from tourism-related tax reliefs and digital vouchers, part of the package also includes lowering the minimum Employee Provident Fund (EPF) contribution by employees from 11% to 7%.. My boss wrote a piece about why he’s choosing the 11% contribution.While he makes some good points, … The employee provident fund interest rate for FY 2019-2020 is 8.50%.the interest applicable per month When calculating interest, is = 8.50%/12 = 0.007083%.Again to remind, the provident fund interest will be calculated at the end of every month however the interest amount will only be credited at the end of the financial year. The current interest rate for EPF for the financial year 2020-2021 is 8.50%. How to calculate EPF, EPF contribution & important points to consider How’s the EPF Interest Rate calculated for monthly EPF Contribution? During this period, your employer’s EPF contribution will remain 12%. To opt an employee out of the reduced rate, simply follow these steps. Q.1: What is revised rate of EPF contribution announced by the Central Govt. Please note, employer’s contribution and interest credited to the EPF (i.e interest on both employee and employer contribution) is not allowed as tax deduction under section 80C. EPF Interest Rate 2019-20 – How to Calculate Interest on EPF. The Government of India, as part of the Atmanirbhar Bharat package for pandemic relief, has reduced the statutory rate of PF contribution from 12% to 10% for the wage months of May, June and July 2020. admin May 16, 2020 May 16, 2020 No Comments on JADUAL CARUMAN KWSP 2012 PDF. ... Option 2 - Employee who choose to maintain the current employee contribution rate of 11%. In general, the contribution rate for the employee is fixed at 12%. 15 of 1958 and is currently the largest Social Security Scheme in Sri Lanka. Source: RTM According to the EPF’s latest statement, the new statutory contribute rate for employees will be applicable to … EPF Contribution by Employee and Employer The minimum employee contribution rate for the employees provident fund (epf) will be set at 9%, starting from january 2021 for a period of in addition to the change in contribution rate, tengku zafrul aziz also announced that the government will be allowing targeted epf members to withdraw. Since the reduced Employees' Provident Fund (EPF) contribution amount was for three months (till July), from … It is brought to your kind notice that the Ministry of Labour & Employment, Govt. The epf contribution has been revised to 12% from august 1 which was reduced to 10% during the covid period to tide over the immediate liquidity crisis. Following Budget Announcement 2021, effective as of 1st January 2021, employees have the option to reduce their EPF statutory contribution rate from 11% to 9%. In other words, the PF rate is reduced to 10%. New Delhi: The Central Board of Trustees of Employees' Provident Fund Organisation (EPFO) recently recommended an 8.50% annual rate of interest to be credited for EPF subscribers accounts for the financial year 2020-21.Note that both employees and employers together contribute 24% of the basic salary plus dearness allowance on a monthly basis towards the employee’s provident fund (EPF). Under Atmanirbhar Bharat package, statutory rate of EPF contribution for both employer and employee has been reduced from 12% to 10%. Establishments covered during wage months of May-July, 2020 will be eligible for reduced rate for eligible remaining period from date of coverage. The notification is available under the TAB-COVID-19 on the homepage of EPFO website. EPF contributions to be deducted at 12% from 1 August 2020. According to the EPF, the new rate will come into effect starting from January 2021 (contribution for February 2021) until December 2021 (contribution for January 2022). The statutory contribution rate for employees decreased from 11% to 7% and came into effect for wages in April 2020 (for May 2020’s contribution) and will extend up till December 2020 (for January 2021’s contribution). As indicated by the EPF, the new rate will happen beginning from January 2021 (contribution for February 2021) until December 2021 (contribution for January 2022). As part of the government’s Rs 20 lakh crore stimulus package, EPF contribution of both employer and employee has been reduced to 10 percent of basic wages and dearness allowances from existing rate of 12 percent for all class of establishments covered under the EPF & MP Act, 1952 for three months, May, June, July 2020. Take home pay would increase If EPF contribution rate is reduced from 12 percent to 10 percent, the net monthly income for individuals will increase, thereby raising the take-home pay. Ministry of Labour & Employment. Reduced date of EPF is applicable for the month of May, 2020, June, 2020 and July, 2020. To tide over the current liquidity crisis due to the Coronavirus pandemic, the Central Government of India under Atmanirbhar Bharat Package has revised the rate of EPF contribution for both employers and employees for the wage months May 2020, June 2020 and July 2020. Here’s what you need to do if you wish to retain the 11% employee contribution rate. This is 12% of the basic salary of the employee. The EPF contribution of 12 percent stands reduced to 10 percent of the basic salary and dearness allowance for the next three months, May, June and July 2020. It means even if the employee’s PF Wages is above Rs 6500/-, the employer is liable to contribute only on Rs 6500/-, that is Rs 780/-. Due to the nationwide lockdown, a new PF contribution rate has been announced. KUALA LUMPUR, 27 February 2020: The Employees Provident Fund (EPF) takes note of the Government’s decision on the reduced minimum statutory contribution rate for employees, from 11 per cent to seven (7) per cent as announced today. === As announced during Budget 2021, the employee contribution rate for the Employees Provident Fund (EPF) will be reduced… The employees’ statutory contribution rate to the EPF will be temporarily reduced to 9% (from 11%) for a period of one year (January to December 2021) for members younger than age 60; the contribution rate remains unchanged for members aged 60 and older. The reduction in statutory rate of contribution from 12% to 10% for wage months May, June and July 2020. The Employee EPF contribution rate will be reduced to 7% due to the COVID-19 outbreak. ⏰ Effective from 1 April 2020 to 31 December 2020 ⏰. EPF Press Release The 7% contribution rate will take effect from 1st April 2020 until the end of 2020 and it will be applicable to all EPF members under 60 years of age that are subject to statutory contribution. MORE contributions to the Employees Provident Fund (EPF) stand to be taxed next year. under Atmanirbhar Bharat package? Are you indecisive on whether to maintain at 11% or go for 7% Step 1: Go to Manage Company If you prefer to save it for your future, here's how. The new rate will be effective starting 1 April 2020 until the end of the year and affects members below age 60. This is a retirement benefit scheme that is available to the salaried individuals. This rate has to be reviewed every time at the end of a fiscal year. Ans.Under this package the statutory rate of EPF contribution of both employer and employee has been reduced to 10 percent of basic wages and dearness allowances from existing rate of 12 percent for all class of establishments covered under the EPF & MP Act, 1952. Hi, If you take out your monthly pay-slip and check, you can understand that every month 12% of your “salary” is contributed towards EPF account. ; The new amendment is applicable only for the next 3 months – May, June, and July 2020. With an asset base of Rs. Applies to: PeopleSoft Enterprise HCM Global Payroll Malaysia - Version 9.2 and later Information in this document applies to any platform. As per law, both the employer and the employee need to contribute 12% of their wages towards provident fund. What is the rate of deduction from Employees salary? ... 2020, June, 2020 and July, 2020 has been notified vide SO 1513 (E) ... Can the employer or employee pay at higher rate or the contribution rate of 10% is mandatory? The Employer can increase his contribution (12%) with respect to any Employee. 2021-2023 Contribution Rates. And, the Employer’s share of contribution would be: 3.25/100 * 15,000 = 487.5. Contribution to Provident Fund. Under this package the statutory rate of EPF contribution of both employer and employee has been reduced to 10 percent of basic wages and dearness allowances from existing rate of 12 percent for all class of establishments covered under the EPF & MP Act, 1952. Then, total EPF Contribution for April will be Rs 5,950. === As announced during Budget 2021, the employee contribution rate for the Employees Provident Fund (EPF) will be reduced… All submissions for this purpose are to be done via the i-Akaun (Employer) portal only. The new minimum statutory rates, proposed in Budget 2019, are effective this month … At EdgeProp.my, you can find daily breaking news on property, and hundreds of thousands of properties for sale and rent with detailed information such as past transacted prices, maps and photos. Industries declared … New employee EPF rate for the year 2021 ... December 08, 2020 02:11. EPF Reduction in Percentage from 12 % to 10 %. For members aged 60 years and above, the employees’ share of contribution rate will remain at 0%. [3] Related: Employees are now allowed to withdraw 75% of EPF balance after 1 month of unemployment Conclusion. [ UPDATE 1/12/2020 12:00 ]: The EPF has released the Borang 17A (Khas 2021) form. The EPF interest rate is decided by the EPFO’s central board of trustees, after consultation with the Ministry of Finance. EPF. EPF: Employee’s statutory contribution rate lowered from 11pc to 9pc for 2021 Saturday, 28 Nov 2020 12:08 PM MYT EPF says the new rates will apply throughout 2021, affecting wages for the months of January 2021 (February 2021’s contribution) up to December 2021 (January 2022’s contribution). KUALA LUMPUR, March 5 ― The reduced Employees Provident Fund (EPF) contribution rate from 11 per cent to seven per cent under the Economic Stimulus Package 2020 will take effect in the employee’s salary in April 2020 (May 2020 contribution), until the December 2020 salary (January 2021 contribution). EPF is a retirement benefits scheme under the Employees Provident Fund and Miscellaneous Act, 1952, where an employee has to pay a certain contribution towards the scheme, and an equal contribution is paid by … But the employer contribution is always 12%. The malaysian government has reduced the minimum employee contribution rate for the employees provident fund epf from 11 to 7. As part of the government's Rs 20 lakh crore stimulus package, EPF contribution of both employer and employee has been reduced to 10 … To illustrate where PF wages is Rs 15000, PF contribution at the rate of 12% is Rs 1800 per month for employer and another Rs 1800 per month for employee. An Overview of announcement by honorable finance minister Nirmala Sitharaman on Wednesday 13/05/2020 regarding EPF contribution by which EPF Contribution was reduced for Employers and Employees for 3 months to 10% from 12% for all establishments covered by EPFO for next 3 months i.e. Earlier the cap was Rs 541 (Up to August 2014) in place of Rs 1250. This notice must be presented to employers for submission to the EPF. *Following the Budget 2021 announcement, employee’s EPF contribution rate for all employees under 60 years old is reduced from 11% to 9% by default from February 2021 contribution to January 2022 contribution. News About EPF contribution. Lower rate of EPF subscription 10% with EPFO notified placing higher liquidity in the hands of employees and employers during COVID -19 pandemic Your total monthly contribution is routed towards Employees’ Provident Fund. A reduction in the EPF contribution rate seems to spell bad news. KUALA LUMPUR: Employers can start submitting their employees' applications to maintain the 11 per cent statutory contribution rate for employees beginning Dec 14. There is no contribution towards EPS from Employee. This rate has to be reviewed every time at the end of a fiscal year. Written by Jen-Li Lim. As announced during Budget 2021, the employee contribution rate for the Employees Provident Fund (EPF) will be reduced from 11% to 9% for a period of 12 months from January to December 2021. PF Contribution Rate 2021 Account Wise Get peace of mind as epf fee calculation and epf contribution rate are updated and accurate (as of 2020). 8.33 percent out of 12 percent employer’s contribution (maximum of Rs 15,000) goes into the employee’s pension scheme (EPS) i.e. The contribution rate has now dropped to 7% to provide more flexibility for employees in managing their expenses. EPF interest rate in the past years. Because the rate was a reduction, the employee. According to EPF, the new rate will only be applied until December 2020. EPF account balance at the end of April will be Rs 5,950. OW and AW are important as they both have “ceilings” that limit the CPF contribution your employee can receive. However, this reduced rate of EPF contribution is made for wage months of May, June, and July of 2020 only. KUALA LUMPUR (Jan 7): The minimum employers' share of the Employees Provident Fund (EPF) statutory contribution rate for employees aged 60 and above has been reduced to 4% per month. Eligibility for EPF: As per the EPO norms, any employee whose monthly salary is more or equal to Rs 15000/- is eligible for EPF. What is EPF: The Employees’ Provident Fund (EPF) is a savings scheme introduced under the Employees’ Provident Fund and Miscellaneous Act, 1952. EDLI contribution to be paid even if member has crossed 58 years age and pension contribution is not payable. The new statutory contribution rate for employees applies to those below 60 years old who are liable for contribution. Effective from January 2018, the employees' monthly statutory contribution rates will be reverted from the current 8% to the original 11% for employees below the age of 60. Employee EPF Contribution Rate reduced form 12% to 10%. It is administered and managed by the Central Board of Trustees that … This means that if an employee’s monthly salary is $8,500, his/her CPF contribution will only be calculated based on an OW of $6,000. Beginning 14 December 2020, employers can start submitting their employees’ applications to maintain the statutory contribution rate for employees at 11 per cent. OW ceiling The OW ceiling is capped at $6,000. Below is a list of rates as adopted by the PFC in July 2020, and the LEOFF Plan 2 Retirement Board in August 2020. The rate of Contribution to the EPF can be increased by both parties. Whereas, the employee’s contribution is counted as part of his/her taxable income. To do the calculation for … Employee Contribution EPF=12% *20000=2400 Employer Contribution EPS=8,33%*15000=1250 Difference=2400-1250=1150 Total Employer PF=1250+1150=2400 Note- Even if PF is calculated at higher amount, For EPS, we will take … An employee with a salary less than RM5000 will have employer contribution of 13% while more than RM5000 salary, the employer contribution is 12%. The rate of contribution is 12% of the basic wages, dearness allowance and retaining Can an employee opt out from the Schemes under EPF Act? For April, interest on the EPF contribution will be nil as there is no interest for the first month. EdgeProp.my is Malaysia's most useful property website for home buyers and investors. For government PSUs, the employers’ contribution is 12% but for PSU employees it is 10%. Employee and Employer Contributions to the Employee Provident Fund (EPF) For EPF, both the employee and the employer contribute an equal amount of 12% of the monthly salary of the employee. Given that EPF is considered one of the safest investments, in view of an average 5-6% return per annum, some employees who are risk averse may prefer to increase their contribution at their own discretion. The statutory contribution rate for employees in 2021 will be reduced from 11 percent to nine percent, said the Employees Provident Fund (EPF). EPF or Employee Provident Fund contribution calculation, withdrawal rules, interest rate and benefits are discussed in this hindi video. The central government has allowed the employers (Covered under the EPF Act) to reduce the employees as well as employer’s contributions from 12% to 10% for the next three months (May 2020, June 2020, and July 2020).This will certainly increase the in-hand Salary of the employees. Members can maintain the 11% contribution rate by applying to do so with EPF. The interest rates of EPF are mutually decided by the ministry of finance and the EPFO Central Board. Form EPF 3 – Employee registration e. Learn how your comment data is processed. Heena Siddique-May 29, 2020 0. Malaysia's Employees Provident Fund has pegged employees' contribution rate for 2021 at 9%, another year below the statutory rate of 11%. The monthly PF contributions of both employers and employees were reduced from 24% to 20% for May, June and July according to the announcement by the Finance Minister. However, there are changes on the EPF contribution rates starting April 2020 until December 2020, … As announced by the Central Government under the Amtmanirbhar Bharat Package, the rates of EPF contribution made by both the employer and the employee have been reduced to 10% up with the situation. How to calculate epf, epf contribution & important points to consider. For 2019-2020 EPF interest rates are 8.50% per annum. For the financial year 2020, the Employee Provident Fund interest rate is set at 8.50% after a cut of 0.15% from 2018-2019. Interest calculations On EPF Account. EPF interest rate: Get to know all about EPF interest rate for FY 2020 - 21. EPF contributions: As part of relief measures announced by the government under the Atma Nirbhar Bharat package for both employers and employees during the COVID pandemic, Employee’s Provident Fund (EPF) contribution was cut by 4% for the three months of May, June, and July. This interest rate is compounded at the end of every month, so the monthly interest rate is 0.70%. As part of the 2020 Economic Stimulus Package announced by interim Prime Minister Tun Dr Mahathir Mohamad, the statutory employee contribution for the Employees Provident Fund (EPF) has been reduced to 7% per month. For the calculation, the maximum limit of Basic is Rs 6500/-. NOTE: EPF employee contribution rate has been revised from 11% to 9% from January 2021 (February 2021’s contribution) up to December 2021 (January 2022’s contribution). Employer epf contribution rate 2020 malaysia. To do the calculation for … KUALA LUMPUR, MALAYSIA — The Malaysian federal government will reduce the minimum employee contribution rate for the Employees Provident Fund (EPF) from 11 per cent to 9 per cent for a period of 12 months starting January next year. As part of the stimulus package under the theme “Atma-Nirbhar Bharat (Self-Reliant India), the Finance Minister of India had announced that the rate of provident fund (PF) contribution for both employer and employee will be reduced to 10% from the existing 12% for all establishments covered under the EPF & MP Act. Goal Employees who receive wages salary exceeding rm5 000 the employee s contribution of 11 remains while the employer s contribution is 12. [ UPDATE 1/12/2020 12:00 ]: The EPF has released the Borang 17A (Khas 2021) form. Employees may choose to maintain the current contribution rate of 11% by completing KWSP 17A (Khas 2020) form. Meanwhile, the employees' share of contribution for this age group is set at zero, the EPF said in a statement today. ... 2020 06:29 AM. Malaysia Approves Changes to Provident Fund Program. The contribution rate is from January 2021 until December 2021. Impact of the move 1. under Atmanirbhar Bharat package? (Fund mem-bers aged 60 or older do not contribute to the EPF.) Any company over 20 employees is required by law to register with EPFO. : S.O. May 20, June 20 & July 20.. Union finance minister Nirmala Sitharaman on 13.05.2020 … However, if the contribution rate is 10%, your corpus comes down to Rs 1.02 crore; a 12.5% decrease in the total amount you would have on retirement! As announced during the Budget 2021, the Employees Provident Fund (EPF) employee contribution rate will be reduced from 11% to 9% for the period between January to December 2021. Get to know everything about Employee Provident Fund (EPF) including EPF schemes for Employers & Employees', Interest rate (2020-21), services & benefits! Yes, the rate of contributions is 10% for the three wage months- May, 2020, June, 2020 and July, 2020 irrespective of date of payment. In a statement issued today, it said the new rate will take effect beginning next year, and it applies only to members below 60 years old who are liable for contribution. According to the current 2020-2021 budget, the interest rate stands to be 8.50% on your PF account. Complete the 17A (Khas 2020) form 2. Reduction in statutory rate of EPF contribution from 12% to 10% Q.1: What is revised rate of EPF contribution announced by the Central Govt. Employer EPF current contribution rate NOT CHANGE to this announcement. “Members who wish to maintain the contribution rate for employees at 11 per cent may fill in the ‘Borang KWSP 17A (Khas 2021)’, which will be made available on the EPF website (www.kwsp.gov.my) starting 1 December 2020. The concept of the structure of the employees provident fund (epf) contribution is simple to understand. Note: The establishments, which were already entitled to reduced rate of contribution (10%) through the SO 320 (E) dated 09.04.1997 are not eligible for any further reduction in rate of contribution. Step 1: Go to Manage Company However, this reduced rate of EPF contribution is made for wage months of May, June, and July of 2020 only. However, fund members can choose to keep their contribution rate at 11 percent by submitting a form on the EPF … KUALA LUMPUR (Jan 7): The minimum employers' share of the Employees Provident Fund (EPF) statutory contribution rate for employees aged 60 and above has been reduced to 4% per month. To keep the contribution rate 11%, employee can download 17A (Khas 2020) form from KWSP (will be available before 2nd week of March 2020) and follow the steps below: 1. Meaning, it takes effect when you arrange the payroll for April 2020 and the EPF’s contribution on May 2020. Who will be involved? Follow. How’s the EPF Interest Rate calculated for monthly EPF Contribution? Every challan consists a unique TRRN number, which will help you to track the challan details. This interest rate is calculated every month and then transferred to the Employee … GPMYS: Incorrect EPF Contribution Rate For Employee Reach 55 On 1-Feb-2018 (Doc ID 2471478.1) Last updated on JULY 21, 2020. CPF contribution ceilings. From the employer’s share of contribution, 8.33% is contributed towards the Employees’ Pension Scheme and the remaining 3.67% is contributed to the EPF Scheme. Employee can elect to maintain the contribution rate at 11%. For sick units or establishments with less than 20 employees, the rate is 10% as per Employees’ Provident Fund Organisation’s (EPFO) guidelines. 2. 1.5 lakh per annum. NST. The EPF Interest Rate is determined by EPFO (Employee Provident Fund Organisation) in consultation with the Finance Ministry for every financial year. graduated employer-graduated employee contribution rates) during the first two years of obtaining SPR status.</p><p>From the third year onwards, both you and SPR employee will contribute to CPF at full employer-full employee rates (i.e. By default, the contribution rate is 11% (except for the year 2020 where reduction on statutory contribution has been allowed). Employer’s contribution towards EPF = Employee’s contribution – Employer’s contribution towards EPS = ₹ 550 Total EPF contribution every month = ₹ 1,800 + ₹ 550 = ₹ 2,350 The interest rate for 2019-2020 is 8.50%. The EPF (Employees Provident Fund) interest rate provided for 2019-20 was the lowest since 2012-13, when it was 8.5 per cent. While employees contribute 12% of the basic pay to EPF, the employer has to make a matching contribution, divided into two parts: 8.33% of the basic pay is directed towards EPS—subject to a cap of ₹15,000—and the remaining 3.67% is parked in EPF. This transition to set the base employee contribution rate at 9% was announced by Finance Minister Tengku Zafrul Abdul Aziz during the postponing of Budget 2021. Employees’ Provident Fund (Malaysia EPF) is a federal statutory body under the purview of the Ministry of Finance.Employees Provident Fund (EPF) will allow education withdrawals for professional certificate programmes under Budget 2020.Every company is required to contribute EPF Calculator for its staff/workers and to remit the contribution sum to KWSP before the 15th day of the … Key Points. Therefore, the contribution as mentioned above from both parties is added to the EPFO (Employees Provident Fund Organisation) account of the employee. “The new statutory contribution rate for employees will affect April 2020’s wage (May 2020’s contribution) up to December 2020’s wage (January 2021’s contribution) subject to the Third Schedule of the EPF Act 1991,” according to a statement by EPF. EPF challan consists of total wages of employees and account numbers like A/C 1. Please note, effective from January 2021 wages (February 2021 contribution) until December 2021 wages (January 2022 contribution), the contribution rate was reduced from 11% to 9% for employees aged under 60. The Employees’ Provident Fund (EPF), which is sometimes also called Provident Fund (PF), is an investment scheme that works well if you’re looking to build a retirement corpus. This is to be paid as long as the member is in service and PF is being paid. Under this package the statutory rate of EPF contribution of both employer and employee has been reduced to 10 percent of basic wages and dearness allowances from existing rate of 12 percent for all class of establishments covered under the EPF & MP Act, 1952. For employees who receive wages/salary exceeding RM5,000 the employee's contribution of 11% remains, while the employer's contribution is 12%. PF contribution rate of employee and employer was defined as per EPF Act and mandatory to follow. However, the rate is fixed at 10% for the below-mentioned organizations: Organizations or firms employing a maximum of 19 workers. The rate of interest was slightly higher at 8.8 per cent in 2015-16. Currently, the statutory contribution rate for employees is 11% for EPF members below age 60, and 5.5% for those aged 60 and above. With the reduced rate, this amount will be Rs 1500 each for employer and employee. As announced during Budget 2021, the employee contribution rate for the Employees Provident Fund (EPF) will be reduced from 11% to 9% for a period of 12 months from January to December 2021.This is to increase potential cash flow of up to RM9.3 billion.. Below is the standard 'declaration form' provided by the do note that only 'employees contribution' is allowed to be withdrawn. Employees can contribute more than 12% of their salary voluntarily, however the employer is not bound to match the extra contribution of the employee. This implies employees can contribute above 12% but the employer doesn’t match your contribution. However, the employee’s contribution is tax deductible under section 80C up to a maximum of Rs. So for example if the employee’s current contribution rate is 11% and you want to increase it to 13% you should select 2% as Additional Rate on the Employee EPF Rate line. Interest rate of PF account is not fixed and it is determined by the Government of India from time to time. Employee and employer contribution under the EPF Act is set at 12% of the salary. However, an employee can maintain their contribution rate at 11% - … EPF Interest Rate (%) The current annual interest rate of the PF scheme is 8.50% for the financial year 2020-21.That is, for the period from 01-Apr-2020 to 31-Mar-2021. The EPF interest rate for the year 2019-20 is 8.65%. This interest rate is compounded at the end of every month, so the monthly interest rate is 0.70%. 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