Finance Minister Nirmala Nirmala Sitharaman gave relief to the employees on the PF in a press conference on Thursday. Sitharaman announced that the government would contribute Employee Provident Fund (EPF) of both employer and employee for the next three months, which would be 24 percent (12% + 12%) in total. The Finance Minister said that this is for those institutions, which have up to 100 employees, 90 percent of which earn less than Rs 15,000 per month. This will benefit more than 80 lakh employees and more than 4 lakh institutions/establishments.
Apart from this, the government announced giving more relief to the employees that they are allowed to withdraw up to 75% non-refundable advance from credit in their PF account or allow 3 months salary. Whichever is less, they can be removed. The government will amend the regulation of EPF for this. Sitharaman said that about 4.8 crore workers will benefit from this decision.
The economic package is also announced
The finance minister made these announcements with the package announcement after the lockdown. The government today announced a relief package to deal with the Corona crisis. Finance Minister Nirmala Sitharaman announced a package of 1.70 lakh crore for the poor, laborers, migrant workers, etc. in the press conference. Its name is Pradhan Mantri Garib Kalyan Package. Apart from this, insurance cover of 50 lakhs per person was announced for corona warriors like medical insurance cover sanitation workers, sanitation workers, doctor asha workers, paramedical staff, medical staff etc.