Atma Nirbhar Bharat Rozgar Yojana launched to boost employment
On November 12, 2020, Finance Minister Smt Nirmala Sitharaman announced the fourth economic stimulus package. During the announcement, the Finance Minister introduced the “Atma Nirbhar Bharat Rozgar Yojana”.
Atma Nirbhar Bharat Rozgar Yojana
The beneficiaries of the scheme include employees in EPFO registered establishments who were on monthly wages less than Rs 15,000.
Atma Nirbhar Bharat Rozgar Yojana will benefit new employees of EPFO registered organizations and the new employees who had lost jobs between March 1, 2020 and September 30, 2020.
Key Features of the Scheme
- The centre under Atma Nirbhar Bharat Rozgar Yojana will provide subsidy for two years.
- For the establishments employing up to 1000 employees, the GoI will provide employees’ contribution (12% of wages) and employer’s contribution (12% of the wages).
What is EPF scheme?
The Employment Provident Scheme is run by the Employees Provident Fund Organization. It covers all the establishments that employs more than 20 people. Under the scheme, the employee has to pay a certain contribution towards the scheme. The equal contribution will be paid by the employer as well. During retirement of the employee, a lumpsum amount with interest on both is given to the employee.
Under the scheme, a person drawing salary less than Rs 15,000 is not eligible. Thus, the GoI has brought in the Atma Nirbhar Bharat Rozgar Yojana to include them as well and also help boost employment generation in the country.
Here, in the Atma Nirbhar Bharat Abhiyan, the GoI had announced that it will pay both employee and the employer contributions.
The finance minister also announced that the PLI scheme is being extended to 10 other sectors. An additional outlay of Rs 18,000 crores to PM Awas Yojana. Rs 900 crores to research and development of Indian COVID-19 vaccine development.
Apart from these, various other announcements were made on fertilizer subsidy, Active Pharmaceutical Ingredients, etc.