Atmanirbhar Bharat Rozgar Yojana: 5 Key things about the new employment scheme with EPFO support

New Delhi: Ahead of Diwali, Finance Minister Nirmala Sitharaman on Thursday announced fresh stimulus worth Rs 2,65,080 crore to boost the coronavirus-hit economy.

Adressing the press conference, the FM announced 12 new measures that can be called the next step in the series of stimulus announcements -- pronouncing it as Atmanirbhar Bharat 3.0. FM added that the overall cost of the packages announced till date is estimated at Rs 29,87,641, which is 15 percent of the country's GDP. 

In a bid to incentivise creation of new employment opportunities during the Covid-recovery phase FM Sitharaman announced `Atmanirbhar Bharat Rozgar Yojana`. 

Here are 5 key things about Atmanirbhar Bharat Rozgar Yojana

1. The Atmanirbhar Bharat Rozgar Yojana operational during period from October 1, 2020 to June 2021.

2. Atmanirbhar Bharat Rozgar Yojana announced to incentivise creation of new employment opportunities during COVID recovery phase.

3. The employment scheme effective from October 1 will be applicable to eligible new employees joining the EPFO-registered establishments.

4. It is for those who exited these concerns during the COVID pandemic (March 1-September 30, 2020) and drawing monthly wages of less than Rs 15,000.

5. Central government will subsidise the Employees` Provident Fund (EPF) contributions for two years.

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Centre will provide 12 percent of the contributions of both employers and the employee for establishments with up to 1,000 employees. For establishments with over 1,000 employees, the Centre will only subsidise 12 percent of the employees` EPF contributions. Establishments eligible for the scheme include those that added a specified number of employees compared with the base month of September 2020.