Contribution percentage towards Provident Fund may decrease from 12 % to 10%!

Currently, 12 percentage of basic pay of salary is deducted and deposited to Employee's PF account. If I am not wrong, this percentage mark is a fixed one for employees of all sector.

NaMo led Central Government of India is now thinking of doing amendments in the law through which the fixed contribution percentages will decrease to 10%. From 23rd February, the parliamentary budget session is starting, where there are chances that the bill will be tables for amendment in the law.

FYI, if an employee wants to set the PF contribution percentages more than the fixed one, they can contact the finance section of the respective companies. The company where I am working has a web-based platform where employees can set this number.