<p>The Central Board of Trustees (CBT) of retirement fund body EPFO on Saturday turned down the proposal to reduce the mandatory contributions from workers and employers to 10%.<br /><br />Presently, employees and employers contribute 12% of basic wages each towards Employees Provident Fund Scheme (EPF), Employee Pension Scheme (EPS) and Employee Deposit Linked Insurance Scheme (EDLI).<br /><br />The proposal to reduce the contributions by employers and employees to 10% of basic wages, including basic pay and dearness allowance, was listed on the agenda for meeting of the Employees’ Provident Fund Organisation (EPFO), which was held here on Saturday.<br /><br />“The employer, employees and the government representatives expressed their reservations about it and they feel that it should be continued at 12%. It is their view and it has been recorded...now we will see...government will take a view on it,” Labour Secretary M Sathiyavathy said. Union Labour Minister Bandaru Dattatreya attended the meeting.</p>
<p>The Central Board of Trustees (CBT) of retirement fund body EPFO on Saturday turned down the proposal to reduce the mandatory contributions from workers and employers to 10%.<br /><br />Presently, employees and employers contribute 12% of basic wages each towards Employees Provident Fund Scheme (EPF), Employee Pension Scheme (EPS) and Employee Deposit Linked Insurance Scheme (EDLI).<br /><br />The proposal to reduce the contributions by employers and employees to 10% of basic wages, including basic pay and dearness allowance, was listed on the agenda for meeting of the Employees’ Provident Fund Organisation (EPFO), which was held here on Saturday.<br /><br />“The employer, employees and the government representatives expressed their reservations about it and they feel that it should be continued at 12%. It is their view and it has been recorded...now we will see...government will take a view on it,” Labour Secretary M Sathiyavathy said. Union Labour Minister Bandaru Dattatreya attended the meeting.</p>