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Coronavirus pandemic | Govt to pay EPF contribution of both employee and employer for next 3 months

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.

March 26, 2020 / 10:44 PM IST

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.

Coronavirus pandemic| FM Sitharaman announces Rs 50 lakh medical insurance for every health worker

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.

"This will benefit 4.8 crore workers who are registered with the EPF," Sitharaman said.

COVID-19 Vaccine

Frequently Asked Questions

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A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

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Coronavirus | Govt hikes MGNREGA wages by Rs 2,000/worker, offers sops to farmers

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.

Moneycontrol News
first published: Mar 26, 2020 02:19 pm