Delay in deposit of P.F. dues attracts penal damages.

Delay in deposit of P.F. dues attracts penal damages.

Damages are levied at the following FLAT RATES:

For 0 — 2 months delay – @ 5 % p.a.
 
For 2 — 4 months delay – @10 % p.a.
 
For 4 — 6 months delay – @ 15 % p.a.
 
For delay above 6 months – @ 25 % p.a.

(subject to a maximum of 100%)

Levy of damages at lesser rates is not permissible under  the EPF & MP Act.

 

Reduction/Waiver of damages – considered only for Sick  Industrial Companies having rehabilitation scheme  sanctioned by BIFR.
 

Deposit dues in time – avoid penal damages.

source-http://www.epfindia.com/circulars/DamagesAd1.pdf