New Delhi, May 13: To increase take-home salary, the government has cut Employees' Provident Fund (EPF) contribution from the employer and workers from 12 percent to 10 percent. However, the government will continue to pay 12 percent as its contribution towards the EPF, Finance Minister Nirmala Sitharaman said. This development is applicable for three months and amounts to liquidity support of Rs 6750 crores. MSMEs New Definition And Criteria Announced by Nirmala Sitharaman, Businesses With Investment up to Rs 10 Crore to be Classified as Small Enterprise; Check Complete Details.

"Statutory PF contributions of both employer and employee will be reduced to 10 percent each from existing 12 percent for all establishments covered by EPFO for the next three months. The scheme will be applicable for workers who are not eligible for 24 percent EPF support under PM Garib Kaliyan Package and its extension," the notification said. FM Nirmala Sitharaman Announces Rs 3 Lakh Crore Collateral Free Automatic Loan for Businesses, MSMEs.

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During the press conference, Finance Minister said that "PM laid out a comprehensive vision, and that vision was laid out after wide consultations with several sections of the society." She said that the package focuses on Land, labour, Liquidity and Law.

Prime Minister Narendra Modi had announced Rs 20 lakh crore economic package on Tuesday to kickstart the economy ravaged by the COVID-19 outbreak. "I announce a special economic package today. This will play an important role in the 'Atma Nirbhar Bharat Abhiyan'. The announcements made by the govt over COVID, decisions of RBI and today's package totals to Rs 20 Lakh Crores. This is 10% of India's GDP," Modi had said.

The Prime Minister also confirmed that India will go into fourth phase of lockdown. “Lockdown 4.0 will be completely different and will have new rules. I am confident that we will while fighting the virus by following the rules, move forward,” he said.

As per Wednesday morning update by the Ministry of Health and Family Welfare, the confirmed COVID-19 cases has surged to 74,281. Of this total cases, 47,480 are active cases, 24,385 have been cured or discharged. So far, the virus has claimed 2,415 deaths.

(The above story first appeared on LatestLY on May 13, 2020 05:10 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website