EPF relief to increase take-home salary, but you may end up paying higher taxes3 min read 14 May 2020, 11:28 AM IST
The government’s announcement will help employers to conserve 2% of cost to the company and aids employees by increasing their take-home by 2%.
Provident fund is one of the most popular retirement savings products where people get the benefit of compounding to grow their retirement corpus.
In order to provide more liquidity in the hands of employees and ease the cash crunch that employers may be facing, the government on Wednesday reduced the monthly provident fund contribution for both employee and employer from 12% each to 10% each for the next three months.
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