To tide over hardship caused by coronavirus lockdown, the government said that EPF withdrawal rules will be relaxed. According to the announcements made today, an EPFO subscriber can withdraw 75% of balance or 3 month wages, whichever is lower on a non-refundable basis.
Govt of India will pay the Employees' Provident Fund(EPF) contribution, both of employer and employee, put together it will be 24%, for next 3 months.
This is applicable for those establishments which have up to 100 employees and 90% of them earn less that 15,000. These are part of ₹1.7 lakh crore Gareeb Kalyan package announced by Finance Minister Nirmala Sitharaman today to mitigate the hardships of the poor due to the coronavirus lockdown.