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ARTICLE · 23 JUNE 2020

Reduction In Contribution To The Provident Fund – 14 FAQs

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The whole world has been affected by the spread of the novel corona virus. It is as if the world economy has been brought to a standstill as we are forced to stay indoors.

IndiaFinance and Banking
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RELIEF MEASURES IN PURVIEW OF COVID-19

MINISTRY OF LABOUR & EMPLOYMENT- 19th MAY, 2020

INTRODUCTION

The whole world has been affected by the spread of the novel corona virus. It is as if the world economy has been brought to a standstill as we are forced to stay indoors. India has now entered Lockdown 4.0.

Due to the adverse effects of COVID-19 on the economy, the Government has released several relief measures to increase liquidity in the economy. Prominent measures have been announced pertaining to the Employee's Provident Fund Scheme.

Pradhan Mantri Garib Kalyan Yojna

On 10.04.2020 the Ministry of Finance introduced the Pradhan Mantri Garib Kalyan Yojna (PMGKY). This was introduced with a motive of giving upfront benefits to the employers having upto 100 employees and where 90% of their employees are getting wages less than Rs. 15,000/-. Under this scheme, the Government shall directly pay the entire employees EPF contributions (12% of basic wages)

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Disclaimer: The information contained in this document is intended for informational purposes only and does not constitute legal opinion, advice or any advertisement. This document is not intended to address the circumstances of any particular individual or corporate body. Readers should not act on the information provided herein without appropriate professional advice after a thorough examination of the facts and circumstances of a particular situation. There can be no assurance that the judicial/quasi-judicial authorities may not take a position contrary to the views mentioned herein.

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