Friday, September 30, 2022

The government has made a major statement regarding PF, stating that those who lost their jobs during the Corona era will be eligible for this benefit.

In the new Atmanirbhar Bharat Rojgar Yojana, the government would additionally cover the employees’ part of the PF account in the event of new appointments in private firms.

New Delhi: The Centre proposed eight economic relief measures on Monday for state governments as well as microfinance credit consumers, easing the country’s Kovid crisis. Union Finance Minister Nirmala Sitharaman said that the self-reliant India Employment Scheme would be extended until March 31, 2022. So far, Rs 902 crore has been spent on this scheme, benefiting approximately 21.42 lakh people. According to the latest declaration, in the event of new appointments in private enterprises, the government would additionally cover the employees’ part of the PF account.

If a company has 1000 employees, the government will cover the full PF.

In enterprises with a workforce of 1000 employees, the government will fill both the employer and employee PF shares under this system. The government will cover 12% of the employee share in enterprises with more than 1000 employees. This program began on October 1, 2020, and ran until June 30, 2021. Its duration has now been extended.

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Those who lost their jobs as a result of the corona outbreak have been compensated.

Any new employee who starts work in an EPFO-registered establishment on a monthly wage of less than Rs 15,000 will be eligible for the benefit under this scheme. If an EPF member earning less than Rs 15,000 per month lost his job between 01.03.2020 and 30.09.2020 due to the COVID epidemic, he will be eligible for the benefit if he finds work after 01.10.2020. For newly eligible employees hired on or after October 1, 2020, the Central Government will provide a two-year subsidy on the following scales.

These are crucial announcements as well.

Aside from that, current alleviation measures such as ECGLS have been strengthened. A total of four new steps to give loans to Micro Finance Loan customers as well as the tourism industry has been launched. The Finance Minister announced a Rs 50,000 crore guaranteed loan for medical infrastructure development. The ECLGS scheme will be increased by Rs 1.5 lakh crore, he said. Sitharaman also offered a Rs 1.1 lakh billion credit guarantee for the Covid-affected areas. These assistance programs are supposed to aid the economy, which has been struck hard by Corona.

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