HOJAI DESK: Addressing a press conference, Union Finance Minister, Nirmala Sitharaman said that to ease financial stress as businesses get back to work, the government will continue to provide 12 percent to both the employees’ and employers’ provident fund dues for the next three months till August.
Rs. 6759 crores of liquidity support will be provided.
Further, the statutory PF contribution of both employer and employee will be reduced to 10 percent each from the existing 12 percent for all establishments covered by EPFO.
However, CPSRs and State PSUs will continue to contribute 12 percent dues as earlier.
This is an extension to the earlier PM Garib Kalyan Package (PMGKP) and will be benefiting 6.5 lakh establishments and 4.3 crores, employees.