evidence: The entire 12% contribution to the Employees Provident Fund (EPF) by new employees in the informal sector would be borne by the government, Minister of State for Finance Santosh Kumar Gangwar said on Thursday. The move would benefit 1 crore employees and cost the exchequer around ₹6,500 crore to ₹10,000 crore, he said at a press briefing after a Cabinet meeting. [...] From 2017-20, the sum would be ₹2,200 crore a year. This would benefit 10 lakh students over three years for those students whose family incomes are less than ₹4.5 lakh a year. The scheme was reviewed by the Ministry with inputs from IIM Bangalore.