Cabinet extends EPF support for small businesses for 3 months

Cabinet extends EPF support for small businesses for 3 months

In a move that will benefit over 72 lakh employees, the Union Cabinet on Wednesday approved the extension of Employees' Provident Fund (EPF) contribution for three more months, from June to August 2020.

"Cabinet approves extension of EPF contribution of 24 per cent (12 per cent employees share and 12 per cent employers share) for another 3 months from June to August 2020 under Pradhan Mantri Garib Kalyan Yojana/Atma Nirbhar Bharat," Union Minister Prakash Javadekar said here while addressing a press conference after a Cabinet meeting.

"The government paid the provident fund for small businesses, where under 100 people are employed and more than 90 per cent of those get salary of less than Rs 15,000.

The government paid both the workers/employee's share and the owners' share for three months.

The move benefitted over 72 lakh employees," Javadekar said.

The minister said that the scheme has been further extended for another 3 months from June to August 2020.