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
- Any new employee joining employment in any EPFO registered establishments with monthly wages less than Rs 15,000.
- 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
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
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) |
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