Centre to provide Rs 2,500 cr EPF support for businesses, workers
Published By : Prameya News Bureau | May 13, 2020 IST
Share
New Delhi, May 13: Finance Minister Nirmala Sitharaman said on Wednesday that the Centre will provide Rs 2,500 crore EPF support for businesses, workers for three more months. The scheme was provided earlier for the salary months of March, April and May. Consequently, this support will be extended by another three months for the salary months of June, July and August. Under the Pradhan Mantri Garib Kalyan Package (PMGKP), the Finance Minister said that payment of 12 per cent of employer and 12 per cent of employee contributions was made into the EPF accounts of the eligible establishments. The scheme will provide liquidity relief of Rs 2,500 crore to 3.67 lakh establishments, benefitting 72.22 lakh employees. Furthermore, the minister announced that statutory PF contribution of both employer and employee has been reduced to 10 per cent from the existing 12 per cent across all establishments covered by the EPFO for the next three months. CPSEs and state PSUs will, however, continue to contribute 12 per cent as employer contribution. The scheme for lower EPF contribution will be applicable to workers who are not eligible for 24 per cent EPF support under the PM Garib Kalyan Package and its extension. This scheme is estimated to provide relief to about 6.5 lakh establishments covered under the EPFO and benefit about 4.3 crore such employees. It will provide liquidity of Rs 6,750 crore to employers and employees over three months. (IANS)
News7 Is Now On WhatsApp Join And Get Latest News Updates Delivered To You Via WhatsApp
You Might Also Like
More From Related News
Credit card data of 17K ICICI Bank users exposed; bank blocks cards
SEBI probes 2 funds for shorting Adani stocks before Hindenburg report
KABIL inks MoU with CSIR-NGRI for advancing geophysical investigations in minerals sector
RBI asks Kotak Mahindra Bank to stop onboarding new customers online
UiPath launches two new data centres in India
TPSODL gears up to maintain reliable power supply during Kalabaisakhi season
EcoR to run 10 Summer Special trains in Odisha, Know details.....
PayU gets RBI's in-principle nod to operate as payments aggregator
RBI lists 6 factors powering India’s take-off to become world’s 3rd largest economy
Parveen Verma appointed as CEO, TPWODL
Apple ecosystem is one of the leading employment generators in India: Vaishnaw
Internet subscribers reach 936.16 million in India, telephone subscribers cross 1.19 billion: TRAI
BharatPe launches India's first all-in-one payment device
Aston Martin launches new sports car 'Vantage' at Rs 3.99 cr in India
India's first all-in-one payment device launched
Ola becomes 1st to launch ride-hailing operations at Ayodhya Airport
Reliance Industries becomes first Indian company to cross Rs 1 lakh crore threshold in pre-tax profits
Govt bonds worth Rs 32,000 crore to be auctioned on April 26
Travel searches for Ayodhya, Ujjain, Badrinath increased: Report
Entrepreneurship is just a state of mind: Narayana Murthy