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Retirement fund body EPFO has cut the administrative fee it charges from nearly eight lakh employers coming under the ambit of its social security schemes, effective from January 1 this year.
The administrative charges has been reduced to 0.85 per cent of basic wage from 1.10 per cent, as per a Labour Ministry Notification.
The decision in this regard was taken by the EPFO's apex decision making body, the Central Board of Trustees (CBT), in February last year in its meeting.
According to the notification, the minimum monthly administrative charges will be Rs 75 for every non-functional firm having no (PF) contributing member and Rs 500 for any other establishments.
As per the practice, decisions taken by the CBT regarding financial matters is generally required to be notified by the Labour Ministry.
As many as 7.96 lakh firms were covered under the various social security schemes run by the EPFO as on March 31, 2014.
