Now, EPF benefits for new jobs in all sectors

By: |
New Delhi | Published: March 29, 2018 2:52 AM

The package will accord informal sector workers social safety net, besides boosting job creation, it said.

EPF benefits, EPF news, new job EPFThe Cabinet Committee on Economic Affairs on Wednesday extended the larger government-sponsored EPF benefits, currently available under the Pradhan Mantri Rozgar Protsahan Yojana for new employees in the textiles and garment sector, to all the sectors.

The Cabinet Committee on Economic Affairs on Wednesday extended the larger government-sponsored EPF benefits, currently available under the Pradhan Mantri Rozgar Protsahan Yojana for new employees in the textiles and garment sector, to all the sectors. This was a Budget promise.
“The government of India will now contribute the employer’s full admissible contribution for the first three years from the date of registration of the new employee for all the sectors including existing beneficiaries for their remaining period of three years,” an official release said.

The package will accord informal sector workers social safety net, besides boosting job creation, it said. Under the special package for the textile and garment sector unveiled by the government in June 2016, a crucial component was an undertaking that the government will bear the entire 12% employer’s contribution to the retirement fund for new employees for the first three years — against 8.33% for other sectors – under the Pradhan Mantri Rozgar Protsahan Yojana.

The scheme’s objective was to encourage job creation. A cumulative increase of $30 billion in export of textiles and garments and Rs 74,000-crore investments in the employment-intensive sector over three years, were envisaged.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Why you should stay invested in gold – Explained
2EPFO base shrank a fifth in April, recovers a little in June
3Your Money: Day trading vs swing trading – pros and cons