Coronavirus: Centre's EPF scheme to cover only 16% of total subscribers

Employers and employees equally contribute 12 per cent of wage towards a worker's provident fund account maintained with the Employees' Provident Fund Organisation (EPFO).

The Union government will foot the Employees’ Provident Fund (EPF) bills of companies hiring up to 100 workers for the next three months and allow all the formal sector workers subscribed to the EPFO to withdraw their three months of PF contribution during the COVID-19 pandemic.

This is part of the Centre’s Rs 1.70-trillion Pradhan Mantri Garib Kalyan (PMGK) package announced by Finance Minister Nirmala Sitharaman on Thursday to provide relief to formal sector workers to help them tide over the national lockdown.

Employers and employees equally contribute 12 per cent of wage towards a worker’s provident fund account maintained