Non-refundable advance of 75 % of PF deposit allowed, Govt to pay PF contributions

Non-refundable advance of 75 % of PF account deposit / 3 months wages allowed, Govt to pay PF contributions of businesses having less than 100 workers

The Union Finance Minister Nirmala S. Sitharaman, has announced a relief package of Rs 1.70 Lakh Crore under Pradhan Mantri Garib Kalyan Yojana for the poor to help them fight the battle against Corona Virus.

Among others, the following reliefs have been provided to employees/wage earners:

1. For wage-earners / employees below Rs 15,000 per month in businesses having less than 100 workers, the Government has proposed to pay 24 percent of their monthly wages into their PF accounts for next three months to prevent disruption in their employment

2. Employees’ Provident Fund Regulations are proposed to be amended to include Pandemic as the reason to allow non-refundable advance of 75 percent of the amount or three months of the wages, whichever is lower, from their accounts.

3. For the benefit of around 3.5 Crore registered construction workers, it has been proposed to give directions to the State Governments to utilise Building and Other Construction Workers Welfare Fund to provide assistance and support to said workers to protect them against economic disruptions.

Read Complete Relief package under PMGKY Click Here >>

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