Union Budget 2018 : Government to fund 12% of EPF for new employees
In Budget 2018, government proposes to fund 12% of wages for new employees of Employees' Provident Fund in all sectors. Take home salary of new women employees to go up in the formal sector. To promote employment, the government will contribute 12 per cent of wages of new employees in employee provident fund for all sectors for the next three years, Finance Minister Arun Jaitley said in this Budget 2018 speech. This will help in promoting job creation, he said. Contributions from women employees will be brought down from 12 per cent to 8 per cent, the finance minister said.