Firms to save Rs.1K cr a year as EPFO slash administrative charges
Friday, March 24, 2017, 6:08 PM
EPFO a retirement fund body, from April 1, has decided to reduce the administrative charges to 0.65% of total wages of an employee. This move will result in savings of around Rs.1,000 crore annually for about 6 lakh employees. EPFOs decision-making body, the Central Board of Trustee, had approved the proposal to reduce the administrative charges 0.65% from the existing 0.85% of total wages.