The Finance Minister said that EPF announcement is for all those establishments that have up to 100 employees, 90 percent of whom earn under Rs 15,000 per month.
Finance Minister Nirmala Sitharaman, in a press conference on March 26 said that the Government of India will pay EPF contribution of the employer as well as the employee (12 percent each) for the next three months.
"This is for all those establishments that have up to 100 employees and 90 percent of whom earn under Rs 15,000 per month," the FM said while announcing a slew of relief measures following a national lockdown announced by Prime Minister Narendra Modi in the wake of coronavirus outbreak in the country.
The finance minister also said that the govt is ready to amend the regulation of EPF due to the coronavirus pandemic so that workers can draw upto 75 percent non-refundable advance from credit in PF account or 3 months salary, whichever is lower.
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"This will benefit 4.8 crore workers who are registered with the EPF," Sitharaman said.
Prime Minister Narendra Modi last week had constituted a task force headed by the Finance Minister to work out a package for the economy hit by coronavirus.The government today unveiled a Rs 1.70 lakh crore economic package involving free foodgrain and cooking gas to poor for the next three months, one-time doles to women and poor senior citizens, higher wages to workers and measures to boost liquidity of employees as it looked to contain the impact of unprecedented nationwide lockdown.