INDIA

Cabinet Extends EPF Support For Small Businesses For 3 Months, To Benefit 72 Lakh Employees

Mumbai: In a recent development, Union Cabinet approved the extension of Employees’ Provident Fund (EPF) contribution for three more months, from June to August 2020. Reportedly this will be beneficial for more than 72 lakh employees. 

Prasad Javadekar said addressing a press conference here, “Cabinet approves extension of EPF contribution of 24 per cent (12 per cent employee share and 12 per cent employers’ share) for 3 months from June to August 2020 under Pradhan Mantri Garib Kalyan Yojana/Atma Nirbhar Bharat.” 

“Government paid provident fund for small businesses, where less than 100 people are employed and more than 90 percent of people get salaries below Rs 15,000. The government paid both the workers/employee’s share and the owners’ share for three months. The move benefitted over 72 lakh employees,” Javadekar said.

The minister said that the scheme has been further extended for another 3 months from June to August 2020.

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