Business Desk, Web4Study, New Delhi, Updated Sat, 01 Aug 2020 10:51 AM IST
In the wake of the corona virus epidemic, the Ministry of Labor and Employment had decided to implement a three-month reduction in employee provident fund (EPF) contribution. By July, it was decided to reduce the contribution from 12 per cent to 10 per cent. This period ended on 31 July. It was announced by Finance Minister Nirmala Sitharaman under the PM Garib Kalyan Package. From August 1, the contribution for employees and employers under the PM Garib Kalyan package has again increased to 12-12 per cent (24 per cent of the total).