Lawstreet Journal

PF Contributions Extended till August 2020; Cabinet Approves

Lawstreet Journal 10 Jul 2020 8:39pm

Image courtesy: Lawstreet Journal Executive PF Contributions Extended till August 2020; Cabinet Approves

On Wednesday, 8th July 2020, the Union Cabinet approved a proposal for extension of the scheme for the payment of employees and employers’ PF contributions for three months until August 2020. Union Finance Minister Nirmala Sitharaman had announced the extension of the benefit in May this year under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) amid the COVID-19 pandemic. Union Minister Prakash Javadekar after the Cabinet meeting on Wednesday stated, “Cabinet has approved the extension of the scheme where the government pays contributions of employees and employers till August.” 

Pursuant to the Pradhan Mantri Garib Kalyan package, the payment of 12% of the employer and 12% of the employee contribution was rendered to the EPF accounts. For the June, July, and August 2020 wage months, the scheme would include all establishments with up to 100 employees and 90 percent of such employees with less than Rs 15,000 monthly salaries. The benefit was given earlier for the salary months of March, April, and May 2020. This support is extended by a further three months to the salary months of June, July, and August 2020. 

An official statement stated, “The Union Cabinet chaired by the Prime Minister Narendra Modi today has given its approval for extending the contribution both 12 percent employees' share and 12 percent employers' share under Employees Provident Fund, totaling 24 percent for another three months from June to August 2020, as part of the package announced by the government under Pradhan Mantri Garib Kalyan Yojana (PMGKY)/ Aatmanirbhar Bharat in the… Continue Reading...

Tagged: Union Cabinet  
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