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Payroll
May 22, 2020
Patches for the Decrease in EPF Contribution Rates for India Payroll have been Released
[Contributing Authors: Oracle Asia Pacific Payroll Development]
Covid19
India EPF Contribution Rate reduction to 10% for May, June, July 2020
The EPF contribution rates are modified for the periods of May, June, and July 2020 as per the government directive.
- The employee PF contribution rate is reduced to 10% for all the employers.
- The employer PF contribution rate is reduced to 10% for the employers with employer classification as follows under the income tax information of the GRE/Legal Entity:
- Firm
- Company not falling under State/Central Govt
- Others (Association, Club, Society etc.)
The Fast Formula IN_PF_CALCULATION has been modified to fulfill this requirement.
Patch Information
Release 12.1 - Patch 31373064:R12.PAY.B
Release 12.2 - Patch 31373064:R12.PAY.C
Mandatory Pre-requisite Patches
R12.HR_PF.B.Delta.12 and R12.HR_PF.C.Delta.13 are the lowest level of HRMS Release Update Pack (RUP) on which India Payroll customers are supported for statutory updates effective from April 2020.
If you experience any issues with this patch, please log a Service Request on My Oracle Support, product: Oracle HRMS (India)
Stay safe & Eid Mubarak!