Damages are levied at the following FLAT RATES:
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.
REMIT DUES IN TIME – SAVE PENALTY & FINE
Issued in public interest by :
Employees’ Provident Fund Organisation, India