New Delhi: Giving female workforce of the country a big boost, Jaitley announced that his government will now contribute a greater share for women employees' EPF accounts. "Contribution from women employees will be brought down from 12% to 8%," Jaitley announced. This means, women employees will now have lesser tax burden, and greater take home salaries.
Jaitley also announced that the union government will now contribute 12% wages as EPF in all sectors for the next three years.
Under the EPF scheme, an employee has to pay a certain contribution towards the scheme and an equal contribution is paid by the employer. The employee gets a lump sum amount including self and employer's contribution with interest on both, on retirement.
The finance minister announced these schemes while claiming that the government had created 70 lakh formal jobs within this year alone. The job sector has been an important focus for the government, which promised 10 crore jobs in its five year tenure.