EPFO Sets UP Online System for EPF: Employees’ Provident Fund Organization (EPFO) has arranged to deposit the contribution of employer and employee in EPF accounts to the government account under Pradhan Mantri Garib Kalyan Yojana. Till date, the government will deposit the contribution of both employer and employee’s share in EPF accounts. The Ministry of Labor estimates that it will benefit about 79 lakh employees and 3.8 lakh employers. Center will have to spend about 4800 crores for this.
EPFO Sets UP Online System For EPF: Employees Provident Fund Organization (EPFO) has arranged for the contribution of employer and employee’s contribution to the government account in EPF accounts under Pradhan Mantri Garib Kalyan Yojana. The Narendra Modi government has announced this scheme in view of the difficulties of business units and the challenge of saving jobs due to Corona virus. Under this scheme, the government will deposit the contribution of both employer and employee’s share in EPF accounts for three months.
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The Ministry of Labor estimates that it will benefit about 79 lakh employees and 3.8 lakh employers. Center will have to spend about 4800 crores for this. The Labor Ministry said in a statement that as per the package announced on March 26 under the Pradhan Mantri Garib Kalyan Yojana, the EPFO has arranged an online system for depositing funds in the Employees Provident Fund and Employees Pension Scheme accounts of its shareholders.
The ministry said that this package has been announced to help close the corona epidemic. Eligible organizations and establishments can do medicine for this relief by filling a challan-cum-statement. According to this challan, the payment equal to the total contribution of the employee and the employer in the EPF and EPASH accounts of the employee will be transferred to the UAN number of the employee concerned by the government. This relief will be provided by the government for only three months.
In order to make the relief package accessible to the employees under this scheme of the Central Government, the Ministry of Labor and Employment had issued a notification informing the targets, qualifications, validity and procedure of the scheme. After submission of e-challan cum details and verification of the eligibility of employer and employee, the challan will show the contribution of employer and employee separately. Later this amount will be deposited directly into the Employee’s Provident Fund and Pension Scheme account.
