An official launch mentioned that to additional ease the “compliance procedure under EPF & MP Act, 1952, the filing of monthly Electronic-Challan cum Return (ECR) is separated from Payment of the statutory contributions reported in the ECR.”
The ECR can now onwards be filed by an employer without the necessity of simultaneous payment of contributions and contributions could also be paid later by the employer after submitting the ECR.
Currently, the employers are required to file provident fund (PF) returns and make payment of dues concurrently.
Filing of ECR by the employer in time is indicative of employer’s intent to comply won’t due to this fact entice penal penalties if the dues are paid throughout the prolonged time as introduced by the Government.
Filing of ECR in time shall assist in credit score of employer’s and worker’s share of contributions, totaling 24% of wages by Central Govt. in EPF accounts of low wage earners in institutions eligible beneath Pradhan Mantri Garib Kalyan Yojana bundle.
The present ECR information shall additionally assist in coverage planning and choices making for additional reduction to the companies and EPF members adversely impacted by the Pandemic.