The Centre will contribute 12% of the wages of new employees under the Employees Provident Fund Organisation across sectors for the next three years. Making the announcement while presenting the 2018-19 Union Budget, Finance Minister Arun Jaitley said creating job opportunities and facilitating employment generation had been at the core of the National Democratic Alliance government. This has been done to incentivise employment of more women in the formal sector and enable higher take-home wages, he said. An independent study conducted recently has shown that 70 lakh formal jobs will be created this year,” the Minister said. Also, the facility of fixed term employment will be extended to all sectors.

Source: The Hindu February 01, 2018 15:33 UTC