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Extended : Big relief by finance minister on Employee Provident Fund​

Gourav Ahuja 0 Comments

Extended : Big relief by finance minister on Employee Provident Fund

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Employee Provident Fund (EPF) - Taxationwealth

Under the Self-Reliant India Employment Scheme also known as Atma Nirbhar Bharat Yojana, the finance minister of India Nirmala Sitharaman extended the date of central governments contribution towards Employee Provident Fund (EPF) from June 30, 2021 to March 31, 2022.

Briefly putting a spotlight on what the scheme stated, under EPF the 12% share deducted from the salary of employee was to be paid by the central government as well as the 12% of employer’s share making it a total of 24% complete relief to employees and employers.

Benefits/Conditions of the Initiative

  • The scheme largely helps new businesses generating employment opportunities as well as people with low wages trying to survive with the bare minimum.
  • The scheme will also be applicable to all those people who lost their jobs between March 1, 2020 to 30 September, 2020.
  • An employee generating a salary up to rupees 15000 from an organization assuming they are working in the same organization before October, 2020 would be eligible for the scheme.
  • In institutions having up to 1000 employees the Modi government pays the complete 24% share of both employer and employee while if the employees are more than 1000 then only the 12% share of the employee end will be contributed.

The contribution made by the government will be done in electronic manner through Aadhar linked Universal Account Number (UAN) allotted by Employee Provident Fund Organization (EPFO) to the employees working in organizations which are enrolled.

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Hi, i am a gamer. I play with words. I believe in persistence no matter how hard or cumbersome the path of perfection may be and due to this constant urge of achieving what i want people often think me to be abnormal but according to me i just don’t get embarrassed easily since i am already maxed out.

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