EPFO puts in place mechanism to credit govt's share to EPF, EPS under PMGKY

The PMGKY package is aimed at preventing disruption in the employment of low wage-earning EPF members and extending support to the eligible EPF covered establishments.

Employees' Provident Fund Organisation (EPFO) has put in place a mechanism to credit employers' and employees' contributions towards its social security schemes by the government under the PM Garib Kalyan Yojana amid the lockdown to contain Covid-19.

The move would benefit around 7.9 million subscribers and 380,000 firms with a total outgo of Rs 4,800 crore from the government.

"EPFO has put in place an electronic mechanism for crediting EPF and EPS accounts of its subscribers as per the package announced by the Union Government under PM Gareeb Kalyan Yojna on March 26, 2020, for helping the poor to fight