Union Finance Minister Arun Jaitley, speaking about Budget 2018 in Parliament, said Govt will create 70 lakh formal jobs and would carry forward the momentum. Govt will contribute 12% of wages of new employees to EPF for all sectors for the next 3 yrs. FM Jaitley also announced to extend the facility of a fixed term employment which is applicable to all sectors. He announced more employment to women in formal sectors and to reduce the contribution of women employees for EPF to 8% for the first three years of their employment against present 12% EPF.
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