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News: Prime Minister announced the Pradhan Mantri Viksit Bharat Rozgar Yojana from the historic Red Fort on August 15th.
About Pradhan Mantri Viksit Bharat Rozgar Yojana
- It is a key initiative which aims to support creation over 3.5 crore jobs in two years.
- Nodal Ministry: Ministry of Labour & Employment
- Scheme outlay: Rs. 1 lakh crore
- Benefits: The scheme will provide incentive of up to Rs. 15,000 in two installments to newly employed youth and up-to Rs. 3000 per month per new employee to employers for creation new job opportunities.
Key Features of the Scheme:
- Part A – Support to First-Time Employees:
- Beneficiaries: This Part targets the first-time employees registered with EPFO.
- The Part A will benefit around 92 crore first time employees.
- Eligibility: Employees with salaries up to Rs 1 lakh will be eligible for the incentives.
- Benefits: It will offer one-month EPF wage up to Rs. 15,000 in two instalments.
- Working: The 1st instalment will be payable after 6 months of service and the 2nd instalment will be payable after 12 months of service and completion of a financial literacy programme by the employee.
- Savings: To encourage the habit of saving, a portion of the incentive will be kept in a savings instrument of deposit account for a fixed period and can be withdrawn by the employee at a later date.
- Beneficiaries: This Part targets the first-time employees registered with EPFO.
- Part B – Incentives for Employers:
- Target: This part will encourage generation of additional employment in all sectors, with a special focus on the manufacturing sector.
- Beneficiaries: The employers will get incentives in respect of new employees with salaries up to Rs 1 lakh.
- This part is expected to incentivize employers for the creation of additional employment of nearly 60 crore persons.
- Features: The Government will incentivize employers, up to Rs 3000 per month, for two years, for each additional employment, sustained for at least six months.
- For the manufacturing sector, incentives will be extended to the 3rd and 4th years as well.
- Incentive Payment Mechanism
- For Part A: All payments to the First Time Employees under Part A of the Scheme will be made through DBT (Direct Benefit Transfer) mode using Aadhar Bridge Payment System (ABPS).
- For Part B: Payments to the Employers under Part B will be made directly into their PAN-linked Accounts.
