Atmanirbhar Bharat Rozgar scheme has been launched as a part of a fresh stimulus worth Rs 2.65 lakh crore announced by Finance Minister Nirmala Sitharaman on November 12 to boost the COVID- 19 hit Indian economy.
The Finance Minister has recently announced 12 new measures under Atmanirbhar Bharat 3.0 during her press conference and had announced the launch of 'Atmanirbhar Bharat Rozgar Yojana’ alongside other key announcements to revive employment opportunities in India.
What is Atmanirbhar Bharat Rozgar Yojana?
The Atmanirbhar Bharat Rozgar Yojana aims to profit any new employee joining employment in EPFO registered establishments on monthly wages less than Rs 15,000 and people who left their jobs between March 1 to September 30 and are employed from October 1 and can also benefit establishments registered with EPFO subject to certain conditions.
Key Beneficiaries of Atmanirbhar Bharat Rozgar Yojana
1. The latest employee employed in EPFO registered establishments on monthly wages less than Rs 15000.
2. EPF members drawing monthly salary below Rs 15000 who left employment during COVID- 19 pandemic between March 1, 2020, to September 30, 2020, and are employed on or after October 1, 2020.
Eligibility for establishments
The establishments registered with EPFO will benefit from the scheme if they add new
employees compares to the reference base of employees as in September 2020 as under:
1. Minimum two new employees if the reference base is 50 employees or less.
2. Minimum five new employees if the reference base is more than 50 employees
The establishments registering with EPFO after the launch of the scheme to get subsidy for all new employees.
Scheme's validity
The Atmanirbhar Bharat Rozgar Yojana is going to be operational till June 30, 2021
Other Details
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The company up to 1000 employees will receive employee’s contribution, 12 per cent of wages and employers contributions, 12 per cent of wages, totaling 24 per cent of wages, for 2 years.
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The employers with over 1,000 employees will get employees’ EPF contribution of 12 per cent from the central government.
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Besides this, subsidy support it will be credited in Aadhar seeded EPFO account (UAN) of an eligible new employee.
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All EPFO registered company, if they hire new employees who had lost jobs between March 1 and September 30, these new employees will get benefits.
