Retirement Fund Body Sets Up Mechanism To Credit EPF Accounts: Coronavirus Crisis


The EPFO may be a statutory body underneath the labor ministry the EPFO has come upon an internet mechanism to credit the accounts of eligible Employees’ Provident Fund (EPF) and Employees’ Pension System (EPS) subscribers amid the rapidly-spreading coronavirus pandemic. the event comes amid associate current broad imprisonment obligatory by the govt. to curb the unfold of the deadly COVID-19 sickness. underneath the PM Garib Kalyan theme, the govt. can pay the contribution on behalf of each the leader and therefore the worker within the EPF still as EPS accounts of bound salaried employees for an amount of 3 months, at the associate calculable value of Rs forty-eight thousand crores, the labor ministry aforesaid during a statement.
The theme is calculable to learn around seventy-nine large integer subscribers and 3.8 large integer institutions, it said.
EPF subscribers earning a monthly wage of but Rs fifteen thousand in institutions or factories using up to a hundred staff square measure eligible for the theme underneath bound conditions. The institutions ought to have 90 p.c or an additional of workers earning a monthly wage of but Rs fifteen thousand.

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