Excelsior Correspondent
JAMMU, Dec 11: The Union Cabinet chaired by Narendra Modi has approved Atmanirbhar Bharat Rozgar Yojana (ABRY) to boost employment in formal sector and incentivize creation of new employment opportunities, during the COVID recovery phase package 3.0.
The Cabinet under this package approval an expenditure of Rs 1584 crore for the current financial year and Rs 22, 810 crore for the entire Scheme period from 2020 to 2023. Under this Scheme the Government of India 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 Govt will pay both 12% employees’ contribution and 12 % employers’ i.e. 24 % of the wages towards EPF in respect of new employees in establishments employing up to 1000 employees for two years. Govt will pay only employees’ share of EPF contribution that is 12 % of wages in respect of new employees in establishments employing more than 1000 employees for two years.
As per the Scheme, 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 (UAN) or EPF Member account number will be prior to Oct 1, 2020 will be eligible for the benefit. Any EPF member possessing UAN drawing monthly wage of less than Rs 15,000 who made exit from employment during COVID pandemic from March 1, 2020 to September 30, and did not join employment in any EPF covered establishment up to September 30, 2020 will also be eligible to avail benefit.
EPFO will credit the contribution in Aadhar seeded account of members in electronic manner. It shall develop a software for the scheme and also develop a procedure which is transparent and accountable at their end.
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