Government’s EPF contribution to cost around RS 6,500 crore: Santosh Kumar Gangwar

The Union Cabinet’s decision to allow the government to contribute the entire 12 per cent towards employees’ provident fund (EPF) of new employees will cost about Rs 6,500 crore. “The move will be a game changer and will benefit one crore employees. It will cost around Rs 6,500 crore,” said Minister of State (MoS) for Finance Santosh Kumar Gangwar during a press briefing on Thursday.

The Cabinet had on Wednesday also decided that for the northeast region, the Centre will provide 100 per cent funding for development projects. It has also decided to merge the Sarva Shiksha Abhiyan, the Rashtriya Madhyamik Shiksha Abhiyan and teacher education, that will revamped as SSA 2.0 for giving further impetus to school education.

The Human Resource Development Minister Prakash Javadekar said the Cabinet has decided on student loans. “… Rs 6,600 crore has been set aside for the interest on education loans…” Javadekar said.