The government will pay the employer’s contribution of 12% of basic salary towards the retirement corpus of individuals in the Employees’ Provident Fund (EPF) in the first three years of employment.
The measure, announced in the budget for fiscal 2019, is aimed at boosting job creation.
“I am happy to announce that the Government will contribute 12% of the wages of the new employees in the EPF for all the sectors for next three years,” finance minister Arun Jaitley said in his budget speech.
