EPF contribution around Rs 6,500 crores

The Union Cabinet’s decision to allow the government to contribute the entire 12 % 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.

The Cabinet 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.