New Delhi, Dec 9 (SocialNews.XYZ) The Union Cabinet on Wednesday gave its approval for the Atmanirbhar Bharat Rojgar Yojana to boost employment in formal sector and incentivise creation of new employment opportunities during the Covid recovery phase under Atmanirbhar Bharat Package 3.0.
The Cabinet has approved an expenditure of Rs 1,584 crore for the current financial year and Rs 22,810 crore for the entire scheme period -- 2020-2023.
Under the scheme, the Centre will provide subsidy for two years in respect of new employees engaged on or after October 1, 2020 and up to June 30, 2021.
The government will pay both 12 per cent employees' contribution and 12 per cent employers' contribution i.e. 24 per cent of wages towards EPF in respect of new employees in establishments employing up to 1,000 employees for two years.
Further, the Centre will pay only the employees' share of EPF contribution, 12 per cent of wages in respect of new employees in establishments employing more than 1,000 employee for two years.
An employee drawing monthly wage of less than Rs 15,000 who was not working in any establishment registered with the Employees' Provident Fund Organisation (EPFO) before October 1, 2020 and did not have a Universal Account Number or EPF Member account number prior to October 1, 2020 will be eligible for the benefit.
Source: IANS
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