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Atmanirbhar Bharat Rozgar Yojana- An Overview

Introduction

Covid 19 had a major impact on the global economy and more particularly in India. The nation-wide lockdown for months and ensuing restrictions on movement has resulted in increased unemployment amongst Indian Youths. 

However, as we move ahead towards recovery from the impacts of Covid 19 and achieving the objective of "Atmanirbhar Bharat" we shall require to focus on providing increased employment in the nation. 

Working on the same, the Ministry of Finance has announced, "Atmanirbhar Bharat Rozgar Yojana" to provide incentives for generating new employment. The employment generation scheme which is a part of "Atmanirbhar Bharat Package 3.0" was announced on 12th November 2020.

The article summarises, the details of the scheme. 

Beneficiaries under the scheme

The "Atmanirbhar Bharat Rozgar Yojana" shall benefit the following employees
  1. Any new employee joining employment in any EPFO registered establishments with monthly wages less than Rs 15,000.
  2. EPF members drawing monthly wage of less than Rs.15000/- who made the exit from employment during COVID Pandemic from 1st March 2020 to 30th September 2020 and is employed on or after 1st October 2020.

Eligibility Criteria for Establishments

Following establishments are eligible for subsidy from Central Government under the scheme

Category

No of Employees in Sep20

Eligibility

Establishment Registered with EPFO before 30th Sep20

Up to 50 employees

Minimum 2 new employees

More than 50 employees

Minimum 5 new employees

Establishment Registered with EPFO after 30th Sep 20

 

For All New Employees

The scheme shall be operational till 30th June 2021

Subsidy support from Central Government

Central Government to provide subsidy for 2 years in respect of new eligible employees engaged on or after 1st Oct 2020 at the following scale

Category

Amount of Subsidy

Establishment employing up to 1000 employees

Employee Contribution (12% of wages)

Employer Contribution (12% of wages)

Establishment employing more than 1000 employees

Employee Contribution (12% of wages)

The subsidy support amount shall be credited in Aadhar seeded EPFO account (UAN) of eligible new employees. 



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