Union Budget 2018: Contributions of women employees to EPF brought down to 8%, says Arun Jaitley

NEW DELHI: Finance Minister Arun Jaitley has announced that contributions of women employees to Employees Provident Fund (EPF) will be brought down from existing 12 per cent to 8 per cent for the first three years of employment.

Jaitley announced that the government will contribute 12 per cent of the wages as EPF in all sectors for the next three years. He proposed to make amendments to the Employees Provident Fund and Miscellaneous Provisions Act, 1952 to reduce women employees' contribution for first three years of their employment with no change in employers' contribution.

He reiterated that creating job opportunities is at the core of government policies, quoting an independent study which claims that 70 lakh formal jobs will be created this year.