EPF contribution of 24% extended to benefit 72 lakh employees

  • IndiaGlitz, [Wednesday,July 08 2020]

The Modi government on Wednesday decided to extend the EPF contribution of 24% for three more months. As per the pre-decided formula, here is the break-up: 12% employees' share, and 12% employers' share.

The Cabinet has approved the extension from June to August this year under Pradhan Mantri Garib Kalyan Yojana, Union Minister Prakash Javadekar said. The Yojana is part of Narendra Modi's mantra of Aatmanirbhar Bharat.

The Minister claimed that the move will benefit more than seven million employees in the country. With a total estimated expenditure of Rs 4,860 Cr, this move will benefit over 72 lakh employees, Javadekar was quoted by ANI as saying.

In another decision, a capital infusion of Rs 12,450 Cr into three General Insurance Companies has been approved. They are: Oriental Insurance Company Ltd, National Insurance Company Ltd, and United India Insurance Company Ltd.