Finance minister announces liquidity measures for employers

by | May 14, 2020

On May 13, 2020,  India’s Finance Minister announced some liquidity measures for employers :

  • The relief announced by the government in March, under which the government agreed to pay provident fund (social security) contributions on behalf of both, the employer and the employee, for establishments where 90% of the staff receives a salary below INR15,000 per month has been extended until August 2020.
  • For establishments who are not eligible for the foregoing relief, the rate of contribution to the provident fund has been reduced from 12% to 10% for both, the employer and the employee, for the next 3 months.

Although many industry sectors were hoping for some sort of a cash dole, something is better than nothing.

More News

ITR World Tax – 2024 Rankings

We are pleased to share that the firm has been ranked by ITR World Tax for our work in Indirect Tax, General Corporate Tax and Transfer Pricing. Congratulations to our team for their work and accomplishments. Ravi S. Raghavan, Partner - Tax and Private Client Group,...

read more

India – Arbitration Update

In the recent ruling of Orissa Metaliks Pvt. Ltd. v. SBW Electro Mechanics Import Export Corporation (2023 SCC OnLine Cal 1583), the Calcutta High Court (HC), in deciding the validity of an arbitration clause, has held that the venue of the arbitral proceedings must...

read more