Relief For Small Businesses: Govt To Pay Both Employer And Employee EPF Contribution For Next Three MonthsA 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.


An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber