Rs 20-trn package: Govt reduces EPF contribution for companies for 3 months

At present, 24 per cent of a worker's basic pay is deducted - with 12 per cent each counted as employer's and employee's share - towards the EPF savings

The National Democratic Alliance (NDA) government on Wednesday announced reducing the rate of contribution for private sector firms towards Employees’ Provident Fund schemes from a total of 24 per cent to 20 per cent of the wages for the next three months.
 

The government has also decided to extend the subsidy benefit provided to companies for their EPF contributions for three months, from  June to August. Under the Pradhan Mantri Garib Kalyan Yojana (PMGKY), the government had announced funding the entire EPF contribution made by employers for companies with less than 100 workers. It applied to firms with at least