Union Cabinet is likely to approve the extension of EPF support for business and workers for 3 months, sources informed CNBC-TV18.
The government under PM Garib Kalyan Package earlier announced EPF support of 24 percent (12 percent of employees and employers share) for businesses and low wage workers till August 30. The government had also reduced EPF contribution for business entity and workers to 10 percent from 12 percent till August 30.
EPF acts as a saving tool for employees. In EPF accounts, the employees contribute 12 percent of their salaries, and an equal amount is contributed by the employers. Employees’ Provident Fund Organisation (EPFO), the retirement fund body, looks after EPF.