Covid-19 crisis: Govt implements cut in EPF contribution to 10% for May, Jun, July

The Ministry of Labour & Employment has implemented the decision to cut employees' provident fund (EPF) contributions to 10 per cent from the existing 12 per cent for three months till July. This would increase 4.3 crore organised sector employees' take home pay and reduce the liability of 6.5 lakh employees reeling under liquidity crunch under lockdown to contain COVID-19. The decision is estimated to infuse liquidity of Rs 6,750 crore in next three months.