Coronavirus Relief Package: Govt. supports Employees and Employers via EPF withdrawal and contributi
Finance Minister Nirmala Sitharaman has announced several measures to support employees and employers in their battle against the Coronavirus pandemic. One of the measures focused on organized workers and corporates. For the next three months, the government will bear the responsibility of both the employee and the employer share of the Employer Provident Fund (EPF).
Addresng a press conference, Sitharaman said that, “The government will give 12 percent share of both the employees and the employers. This makes a total of 24 percent for the next three months. This will be applicable for organizations with employee strength less than 100 and 90 percent employees having salary less than Rs.15,000 per month.” This should bring the financial support to almost 80 lakh employees and 4 lakh employers.
Another key announcement was the government’s decision on amending the Provident Fund Regulation Scheme. The new amendment will allow the employees to withdraw 75 percent of the amount or up to three months of their salary, whichever is lower, from their PF account as a non-refundable advance. This will bring benefits to 4.8 crore employees registered with EPF office.
Unanimously, this noble move from the Finance Minister will bring relief from the sufferings caused due to the break in continuity of businesses.
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