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Given the pandemic situation, the relief was extended to employers as well as employees by way of 4% overall deduction in contribution to the EPF account. This was for a period of May, June, July and hence from August onwards, employees as employer will contribute 12% of basic salary and dearness allowance to the subscriber's EPF account.
The move benefitted employees of as many as 6.5 lakh organizations with liquidity enhancement of Rs. 2250 crore per month.
In case of PSUs, employer's contribution continued to be 12% but employees contribution was slashed to 10%.
Also, there was an announcement that during the period, while employees can made a higher contribution to the EPF kitty, employers do not need to match the higher contribution.
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