PF share of employer, employees in small-scale jobs, formal sector is at the expense of the government
Finance Minister Nirmala Sitharaman announced on Saturday, August 21, that until 2022, the government will pay the Provision Fund (PF) share of employer and employee for those people who lost their jobs but were again called upon to work in small-scale formal sector jobs. and whose units are registered in the Employees’ Provident Fund Organization (EPFO).
Central government will pay PF share of both employer and employee until 2022 for people who have lost their jobs but have been called back to work in small scale formal sector jobs whose units are registered in EPFO: Finance Minister Nirmala Sitharaman pic.twitter.com/9fDXzLdBSC
— ANI (@ANI) August 21, 2021
The finance minister also announced that if more than 25,000 migrant workers in a district work in the informal sector and return to their hometowns, they will receive benefits from 16 government employment schemes. In 2020, the government increased the budget of the Mahatma Gandhi National Rural Employee Guarantee Act (MGNREGA) from Rs 60,000 crore to about Rs 1 lakh crore amid the COVID-19 pandemic.
Preliminary wage data from the pension agency EPFO released Friday indicated a growing trend with a staggering 12.83 lakh net wage supplements in June 2021. The impact of the second wave of the COVID-19 pandemic eased in June 2021. , on payroll data, resulting in massive growth, compared to April and May this year, EPFO said.
The month-on-month analysis of the data indicated an increase of 5.09 lakh additions in net subscribers in June this year, compared to May 2021.
