New government rules on PF deduction in lockdown
New government rules on PF deduction in lockdown
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New Delhi: A big relief is being given to you by the Central Government in the lockdown. The general public is more in need of money. Keeping this in mind, the central government has decided to reduce the deductions in your salary. The best thing is that due to this decision, your salary will increase.

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The PF which will be deducted from the salary of the employees will be reduced in the next three months. The relief given in Provident Fund (PF) has been notified by the Central Government. Now the company will also deduct less money for your PF account and you will also deposit less. According to the notification, in these three months of May, June and July, now the company will deduct PF of only 10% from your salary and you will also contribute only 10% PF. Whereas till date, this percentage was 12% (company) and 12% (employee). However, in government companies it will still be deposited at 12% - 12% only, that is, this exemption is for private companies and its employees.

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Due to reduced PF, 2% amount will be left in the hands of the workers and 2% will also be left in the account of the companies, which will be used as cash. Overall 6.5 lakh companies will benefit and 4.3 crore employees will benefit, this will bring cash of 6,750 crore rupees to companies and employees in 3 months. This money will help to overcome cash shortage between lockdowns.

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