In this post, we will look into the amendments made by the Government of India where the Government pays EPFO contribution to support small organizations.
According to the latest notification from the ministry of labour and employment of the EPF ct of 1952, the government of India has made some amendments to the EPF Act.
The amendments are as follows:
- The Government of India will pay EPF contribution of both employer and employee (12% each) for the next 3 months.
- This is because nobody suffers due to loss of continuity in the EPFO contribution.
- This is for those establishments that have upto 100 employees and 90% of employees earning less than Rs.15000 monthly
- This decision will benefit 80 lakh employees and incentivize about 4 lakh establishments in order to continue their employees on their payrolls despite the problems.
- The Government of India has spent Rs. 5000 crores for this purpose.
This ends the post. Let us know your opinion by commenting below.