According to the EPFO, the acts of utilization of reserves and surplus for the purpose of crediting interest to beneficiary at much higher rates as compared to the notified interest rate is "manifestly illegal". Must be noted that neither the EPF Act nor the Schemes thereunder have any specific...
This landmark judgment of the Karnataka High Court comes in as a huge respite for the employers who had been facing considerable financial qualms with regard to remitting contributions for international workers on gross salary. It will be interesting to say as to what mechanism the EPFO will bring...