The reduction in statutory rate of contributions from 12% to 10% for wage months May, 2020, June, 2020 and July, 2020 for all class of establishments covered under the EPF & MP Act, 1952 announced on 13.05.2020 by the Central Govt. as part of Atma-Nirbhar Bharat package has been notified vide SO 1513 (E) dated 18.05.2020 published in the Gazette of India.
EPFO also clarified that the reduced rate of contribution (10%) is minimum rate of contribution during period of the package. The employer, employee or both can contribute at higher rate also.
The above package period ends for the wage month July 2020. Hence the original PF Deduction / Contribution of 12% for both employee and employer to be restored with effect from August 2020 wage month.
Kindly note that Ministry of L&E / EPFO has not issued any circular till date on extension of the package of the reduced rate of 10% PF contribution.