What is the Due date for PF payment

Posted on 04th Jul 2018 | 1518 views

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PF due date:

PF due date is the last date to pay the periodic installment towards PF by the employer by a total of 12% of employee wage. The central government has decided that 15th of each month will be the last date to pay the PF due. Recently. EPFO issued a circular that the grace period of 5 days for PF payment has been removed w.e.f, 15th February 2016. Reason for removing grace period is that EPF liabilities and wages are computed electronically by employers and ECR ( Electronic Challan Cum Return) is filed. This electronic usage reduces the process for PF due calculation and its remittance by the bank.

PF payment due date

PF payment due date:

PF payment due date is the date of payment done by the employer by taking a small portion of employee wage along with employer’s own contribution towards PF of the concerned employee to secure his future after retirement. During the earlier period where grace period is still applicable, penal damages on PF payment has to be paid even if the PF due date falls on public holiday/ Sunday. Such penalties have been removed along with the removal of the grace period.

EPF payment due date or Employee’s Provident Fund due date is described as the last date to deposit PF monthly installment towards EPF scheme by the employer failing which will incur penal damages. Due to the modernization, employers pay PF payment through electronic channels. The employer must deduct the employees PF contribution before paying employees monthly salary or wages and add his (employer) contribution along with administrative charges and the total amount should be deposited towards EPF scheme before EPF due date.

PF deposit due date is the last date before which the employer should pay EPF monthly deposit under the act of EPF and MP Act 1952. Even if the employee contributes more than his marked PF percentage, the employer is not obliged to pay such percentage.

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