The Union government has initiated steps to offer relief and liquidity boost to India Inc through its social security organizations amid a raging second wave of the pandemic that has forced businesses shut in many states due to strict lockdowns.
The labour ministry has decided to offer flexibility to industries to submit Employees State Insurance Corporation (ESIC) deductions and contributions for April by mid-June, giving them a liquidity boost of ₹1,400 crore. The ministry is also considering a similar measure via the Employees’ Provident Fund Organisation (EPFO), which would mean a sizable liquidity boost of ₹12,500 crore to companies and other establishments who are also facing a severe dent in demand.
Source: Mint
