Dear Kumar
Please Refer 2287721 - Budget 2016-Proposed changes that could affect payroll processing
Solution
| Sl. No | Topic Area | Details | Proposal in Budget 2016 |
| 1 | EPS for new joinees | 8.33% for EPF for new joinee with income less than Rs. 15,000 | The government will pay 8.33 percent of the Employee Provident Fund (EPF) for all new employees for the first three years. The government will contribute the amount on behalf of the EMPLOYERS, for the first three years of employment. The scheme will be applicable to employees with a monthly salary of up to Rs 15,000 |
which means
The scheme will be applicable to employees with a monthly salary of up to Rs 15,000 not 20,000 as salary.
Also, as said by Ramana (refer above), Budget note 2290356 contains the corrections as per the above note.
Regards
Chetan