Govt announces 12% EPF in wages of new employees across sectors

ANI | Updated: Feb 01, 2018 13:41 IST

New Delhi [India], Feb 1 (ANI): The government announced a contribution of 12 percent in Employees' Provident Fund (EPF) in new employment across all sectors, Union Finance Minister Arun Jaitley said on Thursday.

"Nearly 70 lakh formal jobs have been created this year. The government will contribute 8.33 percent to EPF for new employees for three years and 12 percent EPF in sectors employing a large number of people. The facility of fixed-term employment will be extended," he said while presenting the Union Budget in Parliament.

Furthermore, Jaitley stated that the government has identified 372 specific business reform actions to improve the Ease of Doing Business, adding that the evaluation of performance under this programme will be based on user feedback. (ANI)