Finance Minister Nirmala Sitharaman, while giving detailed information about the economic package of 20 lakh crore rupees, said that PF contribution is being reduced for the next three months. 10 percent EPF will be cut instead of 12 percent of the employees.
new Delhi. Finance Minister Nirmala Sitharaman reduced the statutory contribution of employers and employees from three percent to 10 percent of the basic pay for three months in all establishments under the Employees Provident Fund Organization (EPFO). declare. This step has been taken to put more money in the pockets of the employees and to give relief to the employers in payment of PF (Provident Fund) dues. With this, both will get a total cash of Rs 6,750 crore. At the same time, the assistance given for EPF is being increased for the next three months. This assistance will continue till June-July-August. The first was given till March, April, May.
This decision will be applicable to all establishments under the purview of EPFO. With this decision, 4.3 crore employees and 6.5 lakh employers are benefiting from the cash problem due to corona virus epidemic and the ongoing lockdown for its prevention.
Center will give EPF of those under 15 thousand rupees by August
Apart from this, the Finance Minister announced to extend the relief given under the Pradhan Mantri Garib Kalyan Yojana for another three months till August. Under this, the government will pay a total of 24 percent (12 percent of the employees and 12 percent of the employers) of the basic salary to be given to the employees and employees of the organized sector in the Employees Provident Fund. This will provide relief to 3.67 lakh employers and 72.22 lakh employees. According to Sitharaman, this will give a benefit of Rs 2,500 crore to 72.22 lakh employees of the organized sector and their employers.
The Finance Minister said in the press conference, ‘You heard the announcement on PM’s economic package yesterday, the decision on this package was taken after discussion between several sections of the society, many ministries and departments. Apart from many departments, ministries, PM Modi himself was involved in the discussion on this package.
MSMEs get Rs 3 lakh crore
Financial assistance of Rs 3 lakh crore will be provided to MSMEs. These traders will get loans without guarantee for 4 years. This step will benefit 45 lakh small companies. In total, 6 major steps have been taken for MSME. A provision of Rs 50 thousand crore has been made for stressed MSME or debt-ridden companies. There is an attempt to get these companies back on track by paying money.
