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Thursday, 26 March, 2020, 17 : 35 PM [IST]

Govt to contribute EPF share for 3 months for employees of small firms

The government will pay the Employees' Provident Fund (EPF) contribution for both employees and employers (12 per cent each) for the next three months, Finance Minister Nirmala Sitharaman said on Thursday.

However, this will benefit only the establishments with up to 100 employees where 90 per cent earn less than Rs 15,000 per month, she said while announcing a slew of measures to deal with the economic distress caused due to the coronavirus pandemic and the subsequent lockdown.

The Finance Minister also said that the government will amend the EPF scheme regulation to allow non-refundable advance of 75 per cent of the amount standing to the credit or 3 months wages whichever is lower. This will benefit 4.8 crore workers.

Sitharaman also announced an economic package of INR 1.70 lakh crore, with focus on marginalised section, amid the coronavirus lockdown.


 
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