The Union Finance Minister has announced that the Employee Provident Fund Contribution of Employer and Employees will being reduced from 12% to 10%, In order to provide more take-home salary for employees and to give relief to employers in payment of EPF Contribution dues, for businesses and workers for three months, amounting to liquidity support of Rs 6750 crore.
- However the Central Public Sector and State Public Sectors will continue to 12% as an employer contribution
- For the next 3 months statutory EPF contributions of both Employee & Employer will be reduced to 10% each from existing 12% for all establishments covered by EPF
- The Scheme will be applicable for the employees who are not eligible for 24% EPF contribution support of Pradhan Mantri Garib Kalyan Yojana (PMGKY) package and its extension.
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