4.3 crore employees under EPFO: Higher take home salary
Nirmala Sitharaman said:
Thursday, 14th May 2020
Rs 2,500 crore EPF support for business as well as workers has been extended by the government, for June, July and August.
“To ease financial stress as businesses get back to work, the government has decided to continue EPF support for business & workers for 3 more months providing a liquidity relief of Rs 2,500 crore”, said Nirmala Sitharaman, Finance Minister.
The percentage, however, has been reduced from 12 to 10 which lets employees take home higher salaries while allowing companies save on employer PF contribution.
CPSEs and state PSUs are to contribute 12% as it was before.
She said, “This scheme will be applicable for workers who are not eligible for 24 per cent EPF support under the PM Garib Kalyan Package and its extension”.
4.3 crore employees will be covered under EPFO and 6.6 lakh establishments will be given relief. EPF contributions come under the government’s Rs 20 lakh stimulus package.
Source: India Today
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