Which of the following are correct regarding employees rsquo provident fund of Finance Ministry ...........

Economic Affairs Pension and Insurance

Download Solution PDF

Which of the following are correct regarding employees’ provident fund of Finance Ministry amid Covid-19

The statutory Provident Fund (PF) payments have been reduced from 12% to 10% for both employers and employees for the next three months.
The decision will be applicable on all the establishments covered under the Employees' Provident Fund Organisation (EPFO).
The scheme introduced as part of PMGKP under which Government of India contributes 12% of salary each on behalf of both employer and employee to EPF.

Select the correct statement.

1&2 only

2&3 only

1&3 only

All of the above

छोटे Courses बड़े Results

Master Pension and Insurance

Prepare through Micro-courses

Try Now

Explanation:

Recently, Union Finance Minister has announced reduction of statutory provident fund contribution by both employers and employees to 10 percent of basic wages from the existing 12 per cent for the next three months. The decision has been taken to facilitate more take-home salary for employees and give relief to employers in payment of PF dues, resulting in a liquidity ease of 6,750 crore rupees. The decision will be applicable on all the establishments covered under the Employees' Provident Fund Organisation (EPFO). The scheme introduced as part of PMGKP under which Government of India contributes 12% of salary each on behalf of both employer and employee to EPF will be extended by another 3 months for salary months of June, July and August 2020. Hence all statements are correct.