New Delhi: Finance minister Nirmala Sitharaman on Thursday announced the government is ready to amend the Employees’ Provident Fund withdrawal rules so that salaried people can withdraw some amount of money to meet the contingencies for at least three months. The nation is under a 21-day lockdown to fight the spread of the novel coronavirus. This stalemate is speculated to wreak in havoc on the economy. The finance minister announced a slew of measures which would mitigate the hardships, including two PF-related mesaures for the salaried Indians. Also Read - Pradhan Mantri Garib Kalyan Yojana: Nirmala Sitharaman Unveils Rs 1 Lakh 70 Thousand Crore Package. Who Will Benefit?
The EPFO will now allow the withdrawal of 75 per cent of the credit in the EPF account or three months of wages — whichever is lower. This will be a one-time, non-refundable withdrawal. Also Read - Nirmala Sitharaman Snubs SBI Chairman: Purported Audio Clip Gets Leaked
The government will also pay both the employer and the employee contribution to the EPF account for the next three months. This will be only applicable to establishments with 100 employees. About 90 per cent of them must have a salary lower than Rs 15,000 per month. Also Read - Scindia Would do Better Than Amit Shah or Nirmala, Tweets Digvijaya Singh, Wishes Him Best