Finance Minister Nirmala Sitharaman has announced a special package of 1.70 lakh crore to give relief to the economy affected by Corona virus.
- The finance minister has given some relief on the EPF front
- Middle class given a blow on loan-EMI
In the midst of a 21-day lockdown, Finance Minister Nirmala Sitharaman has announced a special package of 1.70 lakh crore for the poor. Through this package, efforts have been made to provide relief to the farmers, laborers and women, besides the elderly, widows and the disabled. But the expectations of the middle class have once again come as a shock.
Actually, due to the lockdown the middle class is worrying about the loan and EMI going every month. In such a situation, people were hopeful that Finance Minister Nirmala Sitharaman can give relief to this class in the press conference on Thursday. But this did not happen, although the Finance Minister has given some relief on the EPF front.
What is the relief on EPF
The Finance Minister said that the government will contribute the share of both the employee and the employee in the EPF for 3 months. This rule will be applicable to all those companies or institutions where there are less than 100 employees and 90 percent of the employees will be less than Rs 15,000.
This means that the EPF amount of a very large section will now come directly into their bank account and the government will deposit the amount going to their PF account. This rule is only for 3 months. This will benefit about 80 lakh employees and about 4 lakh establishments. Apart from this, EPFO subscribers can withdraw 75 per cent of the total amount deposited in their EPF or three months salary, whichever is less, if required.
What did you say on loan and EMI
On the concerns of loans and EMIs, the Finance Minister said that at the moment our focus is on providing food and providing money to the poor. At present, no firm faith has been given by the Finance Minister for the middle class.