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Relief For Small Businesses: Govt To Pay Both Employer And Employee EPF Contribution For Next Three Months
A small scale assembly unit.
Finance Minister Nirmala Sitharaman today (26 March) announced that the government will pay both the employer and employee provident fund contribution for the next three months. Rs 5,000 crore has been allocated for the same.
Organisations which have less than 100 employees out of which 90 per cent of them are earning below Rs 15,000 per month will be able to avail this benefit. Employees contribute 12 per cent of each worker’s wages as part of the EPF scheme, an additional 12 per cent is paid by the government.
Additionally, EPFO registered workers can withdraw 3-month wages or 75 per cent of their PF fund, whichever is lower, as a non-refundable advance. For the benefit of construction workers, state governments to be directed to utilise an existing Rs 31,000 crore welfare fund for the benefit for 3.5 crore construction workers.
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