India's Modi government on Thursday announced the much-awaited economic relief package to reduce the impact on the economy due to coronavirus infection and lockdown imposed for its prevention.
The Finance Minister announced a relief package of 1.7 lakh crores for the poor and daily laborers affected by the lockdown as well as those living in the villages. Medical Test, Screening for Coronvirus War and the State Governments will be given the freedom to use the District Mineral Fund for other needs. This fund will also be used for the prevention of corona virus. The insurance cover of 50 lakhs will be given to those who are playing their role directly or indirectly in the treatment of coronavirus. These include doctors, paramedical staff, scavengers etc.
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The company with less than 100 employees, in which 90% of the employees' salary is less than Rs 15,000, the government will put money in the EPFO account of its employees for the next three months on behalf of the employee and the company. The government will contribute 12-12% from both. This will benefit more than 80 lakh laborers. Changes will be made in the regulation of EPFO for the employees of the organized sector. Now employees can withdraw 75% of their provident fund account or three months salary, whichever is less. They will not have to return this money.
80 crore poor gets relief package given by Finance Minister Nirmala Sitharaman