Coronavirus Impact: Big announcement for EPFO subscribers, govt to contribute 24% PF for next 3 months
New Delhi | Jagran News Desk: In what could be a big announcement for Employees' Provident Fund Organisation (EPFO) subscribers, Finance Minister Nirmala Sitharaman on Thursday announced that the government will contribute 24 per cent Provident Fund (PF) for the next three months.
Addressing the media amid the 21-day coronavirus nation-wide lockdown, Sitharaman said that this scheme will be available for establishments which have upto 100 employees and 90 per cent of them earn less that 15,000.
"Government of India will pay the Employees' Provident Fund (EPF) contribution, both of employer and employee, put together it will be 24 per cent, this will be for next three months. This is for those establishments which have upto 100 employees and 90 per cent of them earn less that 15,000," she said, as quoted by news agency ANI.
Sitharaman also announced that the government amend the Provident Fund (PF) schemes regulation to allow withdrawal of non-refundable advance of up to 75 per cent of the amount or three months' wages, whichever is lower.
The decision was taken amid the 21-day nation-wide lockdown in the country which is done to stop the deadly coronavirus from spreading. The novel virus, which originated in China's Wuhan, has claimed the lives of 13 people and affected more than 600 in the country so far.
Sitharaman, earlier this week, had said a package is under works and will be announced.
With the coronavirus lockdown hitting the Indian industry hard and causing job losses, Sitharaman had said an economic package to help tide over the crisis will be announced very soon.
Sitharaman had told the reporters that an announcement on the package would be made sooner than later.
Prime Minister Narendra Modi last week had constituted a task force headed by the Finance Minister to work out package for economy hit by coronavirus.
(With PTI inputs)
Posted By: Aalok Sensharma
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