New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday gave its approval for Atmanirbhar Bharat Rojgar Yojana (ABRY) to boost employment in formal sector and incentivize creation of new employment opportunities during the Covid recovery phase under Atmanirbhar Bharat Package 3.0.
Addressing mediapersons here after the Cabinet meeting, Minister of State (Independent Charge) for Labour and Employment Santosh Kumar Gangwar said 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 i.e. 2020-2023.
Mentioning about the salient features of the Scheme, Mr Gangwar said the Government will provide subsidy for two years in respect of new employees engaged on or after October 1 and upto 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 upto 1000 employees for two years.
He said the Government will pay only employees’ share of EPF contribution i.e. 12 per cent of wages in respect of new employees in establishments employing more than 1000 employee for two years.
An employee drawing monthly wage of less than Rs 15000 who was not working in any establishment registered with the Employees’ Provident Fund Organisation (EPFO) before October 1 and did not have a Universal Account Number or EPF Member account number prior to October 1 will be eligible for the benefit, Mr Gangwar said.
