New Delhi, Dec 10: Under the chairmanship of Prime Minister Narendra Modi, the Cabinet has given its approval for Atmanirbhar Bharat RojgarYojana (ABRY) to boost employment in the formal sector and incentivize the creation of new employment opportunities during the COVID-19 recovery phase under the Atmanirbhar Bharat Package 3.0.
The Atmanirbhar Bharat Rojgar Yojana would till 2023 entail an outgo of Rs 22,810 crore and would benefit around 58.5 lakh employees." Cabinet has approved an expenditure of Rs. 1,584 crores for the current financial year and Rs.22,810 crore for the entire Scheme period i.e. 2020-2023," a press release stated.
Here are five significant things to know about the Atmanirbhar Bharat Rozgar Yojana scheme:
1) The government will provide subsidy for two years if new employees of requisite number are recruited on or after 1st October, 2020 and upto 30th June, 2021.
2) Employees joining employment with monthly wages less than ₹15,000 will be covered under the scheme. "o was not working in any establishment registered with the Employees’ Provident Fund Organisation (EPFO) before 1st October, 2020 and did not have a Universal Account Number or EPF Member account number prior to 1stOctober 2020 will be eligible for the benefit," the ministry said.
3) Any EPF member possessing Universal Account Number (UAN) drawing monthly wage of less than Rs. 15000/- who made exit from employment during Covid pandemic from from 1 March to 30 September a and did not join employment in any EPF covered establishment up to 30.09.2020 will also be eligible to avail benefit, the ministry said.
4) It will pay both 12% employees' contribution and 12% employers' contribution i.e. 24% of wages towards EPF in respect of new employees in establishments employing upto 1000 employees for two years. It will pay only employees' share of EPF contribution i.e. 12% of wages in respect of new employees in establishments employing more than 1000 employee for two years.
5)EPFO will credit the contribution in Aadhaar seeded account of members in electronic manner. EPFO shall develop a software for the scheme and also develop a procedure which is transparent and accountable at their end.EPFO shall work out modality to ensure that there is no overlapping of benefits provided under ABRY with any other scheme implemented by EPFO