Atmanirbhar Bharat Rozgar Yojana | Fusion - WeRIndia

Atmanirbhar Bharat Rozgar Yojana

Atmanirbhar Bharat Rozgar Yojana

To create new employment opportunities in the country and to revive the economy, the finance minister Nirmala Sitharaman announced Atmanirbhar Bharat Rozgar Yojana yesterday. It is an employment generation scheme.

The scheme will benefit the employees of EPFO registered companies. Any new employee who joins in these companies after October 1 on monthly wages less than ₹15,000 or any employee who left their jobs from March 1 to September 30 will be benefitted from the new scheme.

Since the economy is in the recovery phase, it needs a boost. The growth in GST collections, FDI inflows etc. indicate that the economy is recovering strongly.

The new scheme, Atmanirbhar Bharat Rozgar Yojana introduced by the finance minister, intends to boost employment opportunities. All EPFO-registered institutions will get subsidy for new employees. However, they have to meet specific conditions. The scheme will be effective until June 30, 2021.

EPFO-registered organizations have to add at least two new employees if their reference base is less than or equal to 50 employees to get covered under this scheme. They have to add a minimum of five new employees if their reference base is more than 50 employees. If they recruit the prescribed number of new employees from October 1, 2020, to June 30, 2021, they will be covered for the next two years.

The central government will give subsidy to organizations through EPF contributions under the new scheme. Aadhaar-seeded EPFO accounts will get the subsidy credited directly into their accounts. The central government will contribute both the employer’s and employee’s contribution to EPFO for the organizations employing up to 1,000 employees. It is 24% of the wages in total. The government will contribute only employee’s contribution, i.e. 12% of wages for the establishments employing more than 1,000 employees.

Image from Pxfuel (Free for commercial use / CC0 Public Domain)

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