New Delhi (NVI): The Union Cabinet, chaired by Prime Minister Narendra Modi, today approved for extending the contribution, both 12 percent employees’ share and 12 percent employers’ share under Employees Provident Fund (EPF) for another 3 months from June to August, 2020.
The extension comes as part of the package announced by the Central Government under Pradhan Mantri Garib Kalyan Yojana (PMGKY) or Aatmanirbhar Bharat in the light of COVID-19 pandemic.
This approval is in addition to the existing scheme for the wage months of March to May, 2020. The total estimated expenditure is of Rs.4,860 crore. Over 72 lakh employees in 3.67 lakh establishments will be benefitted.
Union Minister Prakash Javadekar said that the decision has been taken to facilitate more take-home salary for employees and give relief to employers in payment of PF dues
The government is of the view that businesses need support to ramp up production over the next quarter from July to September.