Ministry of Labour and Employment notifies the  rate of inspection charges, minimum inspection charges and the rate of interest on any amount due

The Ministry of Labour and Employment has notified the rate of inspection charges, minimum inspection charges along with the rate of interest on any amount due under the Code on Social Security, 2020. 

Key Highlights:

1. An employer must be liable to pay simple interest at the rate of twelve per cent per annum on any amount due from him under the Code from the date on which such amount has become due till the date of its actual payment. This is deemed to be in force from 21st November, 2025.
2. Employers of an establishment, or any exempted person or class of persons under Section 143* of the Code, must pay inspection charges at the prescribed rate on amounts payable to employees or receivable by such persons. These charges apply to contributions that would have been payable if the exemption did not exist, subject to the prescribed minimum amount mentioned in the table below. They must deposit the charges into the designated administration account within fifteen days after the end of each month.

Source: Mininstry of Labour and Employment