Cabinet okays extension of provident fund contribution

New Delhi, July 8

The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday gave approval for extending 12% workers’ share, together with 12% employers’ share, below the Employees’ Provident Fund (EPF), totaling 24% for one more three months from June to August, 2020. It is part of the package deal introduced by the Centre below the Pradhan Mantri Garib Kalyan Yojana (PMGKY)/Aatmanirbhar Bharat amid the pandemic.

This approval is along with the prevailing scheme for the wage months of March to May, authorised on April 15.

With the federal government’s Rs4,800 crore help, about 72.22 lakh staff shall be benefited. “Due to the prolonged lockdown, it was felt that businesses continue to face financial crisis as they get back to work,” the Labour Ministry mentioned. 

Housing scheme for migrants

The Cabinet has additionally authorised the event of inexpensive rental housing complexes for city migrants and poor as a sub-scheme below the Pradhan Mantri Awas Yojana (Urban), allocating Rs600 crore for building know-how innovation. “In 107 cities 1,08,000 one-bedroom kitchen flats are ready under various schemes. The government has decided it will be given to migrant workers on rent,” Javadekar mentioned.

Rs 1 lakh cr to spice up rural financial system

The Union Cabinet has given its nod to the Agriculture Infrastructure Fund value Rs1 lakh crore to supply a medium to long run debt facility for funding in viable initiatives for post-harvest administration eco-system and neighborhood farming property by curiosity subvention and monetary help. The Agriculture Minister mentioned the cash could be supplied by banks as loans.

Rs 12,450 cr infusion in insurance coverage companies

The authorities has authorised a capital infusion proposal value Rs 12,450 crore in three state-owned common insurance coverage firms to strengthen their capital base and make them extra secure. I&B Minister Prakash Javadekar mentioned the National Insurance Company, the Oriental Insurance Company and the United Insurance Company would get the extra capital. —TNS

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