Major change in EPF rules, will be able to withdraw this amount

The economy of India has suffered a lot due to the outbreak of Coronavirus. On Thursday, many big announcements have been made by the government to reduce the hardships of the people during the critical time of nationwide lockdown. Finance Minister Nirmala Sitharaman has announced a relief package of 1 lakh 70 thousand crore on Thursday. The Finance Minister has also made important announcements for employees on Thursday. Employees Provident Fund (EPF) subscribers can now withdraw 75% of their PF account balance or equal to three months salary, whichever is less. This withdrawal will be in the form of non-refundable advance. About 4.8 crore employees will benefit from this announcement of the Finance Minister.

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The experts have welcomed this announcement of the Finance Minister. Experts say that this announcement will help the employees to face the problem of liquidity. Earlier, non-refundable advances could be taken out only under certain circumstances like buying a house, marriage and illness. The employee had to fulfill the minimum service period for this as well. With this announcement of the Finance Minister, the employees will be able to withdraw 75% of their PF balance or whatever amount is less in the salary of three months.

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The Finance Minister has made another big announcement. The Finance Minister has announced to share the PF of employers and employees of small companies with less than 100 employees for three months. In this, 12% of the employer and 12% of the employee, that is, 24% of the total share will be borne by the government. This relief is for companies which have less than 100 employees and the salary of less than 90% of its employees is less than Rs. 1,5000.

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