News: Finance minister has announced the Atmanirbhar Bharat Rozgar Yojana scheme.
- 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 and are employed 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.