New Delhi: The Union government will now contribute 12 per cent of employee provident fund to the new employees in all sections. The decision was announced by Finance Minister Arun Jaitley during his Union Budget presentation in Lok Sabha on Thursday.
Jaitley also said the Employees Provident Fund Act will be amended to reduce contribution of women to eight per cent from 12 per cent with no change in employer’s contribution. This would effectively mean women employees will be able to get a higher take home pay.
According to the Employees’ Provident Fund Organisation, 36.8 lakh new members in the age group of 18-25 years were added as of November 2017.
Jaitley also reiterated that 70 lakh formal jobs have been created this year, a finding which many experts, including former Finance Minister P Chidambaram, have contestes
Many women came out in support of this move on social media. Here are some reactions.
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