Bid to spur consumption: Save less, spend more is new social security mantra

The rationale for allowing lower employee PF contribution is that higher take-home pay may boost consumption, which has been falling, dragging growth down. The Bill, however, retains employers’ PF contribution at 12%. Details on how low employees’ PF contribution can be brought down will be worked out after the passage of the Bill, officials said.

from Economy-News-Economic Times https://ift.tt/2sU3WKJ
via