Government To Pay Provident Fund (PF) Share Of Employer, Employee Till 2023 For Those Who Lost Jobs: Details Here

Published:Nov 29, 202307:17

PF Share Of These Employees To Be Paid By Government Till Next Year

PF share of employer, workers in small scale jobs, formal sector will probably be borne by the federal government

Finance Minister Nirmala Sitharaman introduced on Saturday, August 21 that the federal government can pay the provident fund (PF) share of employer and worker until 2023 for these individuals who misplaced their jobs, however have been once more known as again to work in small-scale jobs within the formal sector and whose items are registered within the Employees' Provident Fund Organisation (EPFO). 

The Finance Minister additionally introduced that if in a district, greater than 25,000 migrant employees work within the casual sector return to their native locations, will obtain advantages from 16 authorities schemes for employment.

In 2020, the federal government elevated the Mahatma Gandhi National Rural Employee Guarantee Act (MGNREGA) funds from Rs 60,000 crore to round Rs 1 lakh crore amid the COVID-19 pandemic.

The provisional payroll information of retirement physique EPFO launched on Friday, August 20, highlighted a rising development with as many as 12.83 lakh web payroll additions throughout June 2021.

The influence of the second wave of COVID-19 pandemic waned in June, with respect to payroll information, leading to enormous development in comparison with April and May this 12 months, in response to EPFO. The information's month-on-month evaluation highlighted a rise of 5.09 lakh additions in web subscribers throughout June this 12 months, in comparison with May 2021.

Meanwhile, in November final 12 months, the federal government introduced the employment incentive scheme - Atmanirbhar Bharat Rozgar Yojana, beneath which it gives subsidy for the PF contribution for including new workers to institutions registered with the EPFO. 

As a part of the scheme, the federal government pays PF contribution for employees with wages as much as Rs 15,000. The contribution of 24 per cent for each employers and workers for these institutions using as much as 1,000 workers will probably be borne by the federal government.

For these institutions using greater than 1,000 workers, 12 per cent of the workers' share will probably be contributed by the federal government.

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