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Financial Times on Moneycontrol Pro

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Finance

COVID-19 slowdown: Govt to contribute EPF share for 3 months for employees of small firms

Updated : March 26, 2020 03:07 PM IST

The announcement has been made in view of the unprecedented situation prevailing in the country on account of Covid-19 or commonly known as coronavirus.

Sitharaman also announced an economic package of Rs 1.70 lakh crore, with focus on marginalised section, amid the coronavirus lockdown.

The government will pay the Employees' Provident Fund (EPF) contribution for both employees and employers (12 percent each) for the next three months, Finance Minister Nirmala Sitharaman said on Thursday.

However, this will benefit only the establishments with up to 100 employees where 90 percent earn less than Rs 15,000 per month, she said while announcing a slew of measures to deal with the economic distress caused due to the coronavirus pandemic and the subsequent lockdown.

The finance minister also said that the govt will amend the EPF scheme regulation to allow non refundable advance of 75 percent of the amount standing to the credit or 3 months wages whichever is lower. This will benefit 4.8 crore workers.

Sitharaman also announced an economic package of Rs 1.70 lakh crore, with focus on marginalised section, amid the coronavirus lockdown.

Catch live news updates from FM Sitharaman Nirmala press conference on economic package for COVID-19 slowdown.

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