new Delhi: In view of the Corona epidemic, the federal government has given nice aid to employers and staff. During the announcement of the aid bundle on Thursday, the Union Finance Minister mentioned that preparations have been made to simplify the foundations for withdrawal of EPF. With this, the worker is allowed to withdraw 75 % of the deposit from his provident account or whichever is much less in three months' wage.
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Finance Minister Nirmala Sitharaman mentioned, for the subsequent three months, the federal government will deposit the provident fund contributions of each employers and staff for these institutions, during which 90 % of the workers are salaries of Rs 15,000.
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Govt able to amend the regulation of EPF as a consequence of this pandemic in order that staff can draw upto 75% non-refundable advance from credit score in PF account or three months wage, whichever is decrease: FM Sitharaman https://t.co/kHfRjlyZNm
– ANI (@ANI) March 26, 2020
Sitharaman mentioned, as a consequence of this epidemic, the federal government is able to amend the regulation of EPF, in order that staff can get 75% non-refundable advance from credit score in PF account or three months wage whichever is much less.
The Finance Minister mentioned that the Government of India pays the contribution of the Employees Provident Fund (EPF), each the employer and the worker might be put collectively, it is going to be 24%, it is going to be for the subsequent three months. It is for these institutions which have 100 extra staff and 90% of them earn lower than Rs. 15,000.