New Delhi: The Union government will now contribute 12 per cent of employee provident fund to the new employees in all sections. The decision was announced by Finance Minister Arun Jaitley during his Union Budget presentation in Lok Sabha on Thursday.Jaitley also said the Employees Provident Fund Act will be amended to reduce contribution of women to eight per cent from 12 per cent with no change in employer’s contribution. This would effectively mean women employees will be able to get a higher take home pay.
Women's EPF contribution reduced to 8% for first 3 years of employment. No changes in employer contribution. #Budget2018— Vibha Surana (@VibhaSurana) February 1, 2018
Women contribution to EPF reduced to 8% from 12% for the first three years, while the employers contribution remains the same - in order to increase take home salary. Not sure if this measure is really good. EPF is a great measure for long term savings #Budget2018— Surabhi Agarwal (@SurabhiA_ET) February 1, 2018