Penalty Provision in respect of delay in payment of P.F. dues
1. Delay in deposit of P.F. dues attracts penal damages. Damages are levied at the following FLAT RATES:
2. Levy of damages at lesser rates is not permissible under the EPF & MP Act.
3. Reduction/Waiver of damages – considered only for Sick Industrial Companies having rehabilitation scheme sanctioned by BIFR.
4. Deposit dues in time – avoid penal damages.