: EPFO allows companies to file separately ECR and payment #FinanceIndia #StockMarketNEWS EPFO allows companies to file separately ECR and payment New Delhi, May 1 (KNN) The Employees Provident Fund

@StockMarketNEWS Wed 06 May, 2020

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EPFO allows companies to file separately ECR and payment #FinanceIndia #StockMarketNEWS
EPFO allows companies to file separately ECR and payment New Delhi, May 1 (KNN) The Employees Provident Fund Organisation (EPFO) has allowed companies to separately file the Electronic Challan cum Return (ECR) and the payment of statutory contribution.

The EPFO observed that in the current scenario the businesses and enterprises are not able to function normally and are facing liquidity or cash crunch to pay their statutory dues even though they are retaining the employees on their rolls.

"With a view to further ease the compliance procedure under EPF & MP Act, 1952, the creation and filing of monthly electronic-challan cum return (ECR) is separated from payment of the statutory contributions reported in the ECR," EPFO said in a statement on Thursday.

The ECR can now onwards be filed by an employer without the need of simultaneous payment of contributions and contributions may be paid later by the employer after filing the ECR.

The above change will entail convenience to the employers as well as the employees covered under the Act and Schemes, it said.

EPFO further said filing of ECR in time shall help in credit of employer’s and employee’s share of contributions, totalling 24 per cent of wages by central government in EPF accounts of low wage earners in establishments eligible under Pradhan Mantri Garib Kalyan Yojana package.

The current ECR data shall also help in policy planning and decisions making for further relief to the businesses and EPF members adversely impacted by the Pandemic, EPFO said.

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