Govt to Pay Employer, Employee's PF Contribution for 3 Months: FM
Finance Minister Nirmala Sitharaman.
Finance Minister Nirmala Sitharaman. (File Photo: IANS)

Govt to Pay Employer, Employee's PF Contribution for 3 Months: FM

The government will pay the employee provident fund (EPF) contribution of both the employer and the employee (12 percent each) for the next three months, Finance Minister Nirmala Sitharaman said on Thursday, 26 March.

This will be applicable to all those establishments having employed up to 100 employees and about 90 percent of whom earn Rs 15,000 per month, she added.

The move will benefit over 4.8 crore employees in the organised sector. The government has also announced a Rs 1.70 lakh crore economic package for a host of beneficiaries in the wake of COVID-19 spread that has crippled economic activity and wages across sectors.

Also Read : COVID-19 Package: FM Sitharaman Pledges Rs 1.7 Lakh Cr to the Poor

Loading...

Sitharaman said the PF contribution decision has been taken to ensure that employees' EPF continuity is not lost. This will be applicable to all those establishments having employed up to 100 employees and about 90 percent of which earn Rs 15,000 per month, she added.

The government also announced that the EPFO Scheme regulations will also be amended to allow employees draw up to 75 percent of their non-refundable advance or upto three months of wages, whichever is lower.

We'll get through this! Meanwhile, here's all you need to know about the Coronavirus outbreak to keep yourself safe, informed, and updated.

(Make sure you don't miss fresh news updates from us. Click here to stay updated)

Follow our India section for more stories.

Loading...