The Government has launched a new employment scheme Atmanirbhar Bharat Rozgar Yojana to incentivise the creation of new employment opportunities during the COVID-19 recovery phase.
The scheme was launched as a part of a fresh stimulus worth Rs 2.65 lakh crore announced by Finance Minister Nirmala Sitharaman on November 12, 2020 to boost the COVID-hit Indian economy.
The Finance Minister had announced 12 new measures under Atmanirbhar Bharat 3.0 during her press conference. She had announced the launch of 'Atmanirbhar Bharat Rozgar Yojana’ alongside other key announcements to revive employment opportunities in India.
What is Atmanirbhar Bharat Rozgar Yojana?
The Atmanirbhar Bharat Rozgar Yojana aims to benefit any new employee joining employment in EPFO registered establishments on monthly wages less than Rs 15,000 and those who left their jobs between March 1 to September 30 and are employed from October 1. It will also benefit establishments registered with EPFO subject to certain conditions.
Key Beneficiaries of Atmanirbhar Bharat Rozgar Yojana
1. New employee employed in EPFO registered establishments on monthly wages less than Rs 15000.
2. EPF members drawing monthly salary below Rs 15000 who left employment during COVID pandemic between March 1, 2020 to September 30, 2020 and are employed on or after October 1, 2020.
Eligibility for establishments
The establishments registered with EPFO will benefit from the scheme if they add new employees compares to the reference base of employees as in September 2020 as under:
1. Minimum two new employees if reference base is 50 employees or less.
2. Minimum five new employees if reference base is more than 50 employees
The establishments registering with EPFO after launch of the scheme to get subsidy for all new employees.
Scheme's validity: The Atmanirbhar Bharat Rozgar Yojana will be operational till June 30, 2021
If new employees of requisite number are recruited from October 1, 2020 to June 30, 2021, the establishments will be covered for the next two years: Finance Minister Nirmala Sitharaman https://t.co/fmmeP8PqiF pic.twitter.com/gSTaGQumLJ
— ANI (@ANI) November 12, 2020
Other Details
•The organisations up to 1000 employees will receive employee’s contribution, 12 percent of wages and employers contributions, 12 percent of wages, totaling 24 percent of wages, for two years.
•The employers with over 1,000 employees will get employees’ EPF contribution of 12 percent from the central government.
•Besides this, subsidy support will be credited in Aadhar seeded EPFO account (UAN) of an eligible new employee.
•All EPFO registered organisations, if they hire new employees who had lost jobs between March 1 and September 30, these new employees will get benefits.
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