News: Finance minister has announced the Atmanirbhar Bharat Rozgar Yojana scheme.
About Atmanirbhar Bharat Rojgar Yojana (ABRY): This scheme was launched to boost employment in the formal sector. It will incentivize the creation of new employment opportunities during the Covid recovery phase under Atmanirbhar Bharat Package 3.0.
Aim: To incentivize the creation of new employment opportunities during the Covid-19 economic recovery phase.
Beneficiaries (new employees) under Scheme:
- Any new employee joining employment in EPF registered establishments on monthly wages less than Rs 15,000.
- EPF members drawing a monthly wage of less than Rs 15,000 who made exit from employment during covid-19 pandemic from March 1, 2020, to September 30, 2020
- Newly employed persons on or after October 1, 2020.
Government Contribution: Central Government will provide subsidy for two years in respect of new eligible employees engaged on or after 01.10.2020 at following scale:
- Establishments employing up to 1000 employees: Employee’s contributions (12% of Wages) & Employer’s contributions (12% of wages) totalling 24% of wages
- Establishments employing more than 1000 employees: Only Employee’s EPF contributions (12% of EPF wages)
Duration of the Scheme: The scheme will be operational till June 30, 2021 (June 30, 2021, is the last date to enrol).
