New Delhi: To ease financial stress as businesses get back to work, Government decides to continue EPF Support for Business & Workers for 3 more months providing a liquidity relief of Rs 2,500 crore.
“Liquidity relief of Rs 2,500 crore to 72.22 lakh employees by extending EPF contribution for next 3 months” says Finance Minister. Government of India will extend support to employee and employer contributions for the next three months.
The statutory PF contribution is being reduced from 12% to 10% for the next 3 months, says FM. However, for the central public sector enterprises and state PSUs, we will continue to pay 12%. However, employees in these PSUs will be given the advantage of paying only 10%. Says FM
In order to provide more take home salary for employees and to give relief to employers in payment of PF, EPF contribution is being reduced for Businesses & Workers for 3 months, amounting to a liquidity support of Rs 6750 crores.