Aatmanirbhar Bharat Rozgar Yojana Set Up To Encourage New Employment Opportunities

In today's press conference finance Minister Nirmala Sitharaman said that she would make 12 announcements as part of the government's Atma Nirbha Bharat 3.0 incentive package to bring the coronary-hit economy back on track. These are the next steps in a series of stimulus measures announced by the government in the wake of the coronavirus epidemic to halt India's growth momentum.

Under Atmanirbhar Bharat 3.0, FM announced Atmanirbhar Bharat Rozgar Yojana. The Center will provide a two-year grant to eligible new employees under the program by October 1, 2020.

She said that Aatmanirbhar Bharat Rozgar Yojana is being set up to encourage the creation of new employment opportunities during recovery from COVID-19. "All organizations registered with EPFO ​​- whether they hire new employees or who have lost their jobs between March 1 and September 30 - get benefits to those employees," she said.

For companies with 1,000 employees, the Center provides employee contribution (12% of wages) and employer contributions (12% of wages), totaling 24% of wages.

For those employing more than 1,000 people, the government will pay EPF contribution equal to 12 percent of the EPF. The FM said that the Aadhaar will be credited to the EPF account of the new employee created in advance.

Institutions registering with EPFO ​​will also receive a grant for all new employees after the start of the program. He said that the program would be operational by 30 June.

She also said that the RBI predicts a high probability that the Indian economy will return to positive growth in the third quarter of the financial year, a quarter ahead of previous forecasts. In addition, the existing Emergency Guarantee System has been extended to 31 March 2021.