NEW DELHI : The Union government on Wednesday announced a reduction in statutory deductions for the employees provident fund (EPF) for both employers and employees to 20% for the next three months.

The move will benefit around 650,000 companies. Currently employees and employers deposit 24% -- 12% each -- of their basic salary and housing allowance as EPF deductions every month.

The move will have a twin benefit – reduction of employee cost for employers and 2% more take home pay for employees. “Businesses need support to ramp up production over the next quarter.

It is (also) necessary to provide more take home salary to employees and also give relief to employers in payment of provident fund dues.

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United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0

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