Today, Union cabinet announced for the extension of EPF for business and workers for three more months. The central government under Pradhan Mantri Garib Kalyan Package earlier announced EPF support of 24 per cent (12 per cent of employees and employers share) for businesses and low wage workers till August 30. Earlier, EPF contribution for business entity and workers was also reduced to 10 per cent from 12 per cent till August 30.
In EPF accounts, the employees have to contribute 12 per cent of their salaries. Employers have to contribute same amount too in EPF.
Today extension for it was announced as per which the government will pay the EPF contribution of employees and employers. As per the scheme, the central government will contribute 24 per cent of the monthly wages into EPF accounts below ₹15,000 per month for those who are employed in establishments having up to one hundred employees, with 90 per cent or more of such employees earning monthly wages less than ₹15,000. This schemeis now extended upto August.