Finance minister Nirmala Sitharaman introduced Atmanirbhar Bharat Rozgar Yojana on Thursday, geared toward incentivising the creation of latest employment alternatives in the course of the Covid-19 financial restoration part. The brand new scheme will profit any new worker becoming a member of employment in EPFO registered institutions on month-to-month wages lower than Rs 15,000. The brand new scheme will profit any new worker becoming a member of employment in EPFO-registered institutions on month-to-month wages lower than Rs 15,000. It’s going to additionally profit those that left their job between March 1 to September 30 and are employed on or after October 1, stated Sitharaman.
Eligibility standards for institutions:
Institutions registered with EPFO shall be eligible for the advantages in the event that they add new staff in comparison with reference base of staff as in September 2020. To be able to avail the advantages, institutions, with as much as 50 staff, must add a minimal of two new staff. The organisations, with greater than 50 staff, must add at the least 5 staff to avail the advantages. The institutions registering with EPFO after the graduation of scheme will get subsidy for all new staff and the scheme will stay operational until June 30, 2021.
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The organisations of as much as 1000 staff would obtain worker’s contribution (12 per cent of wages) & employer’s contributions (12 per cent of wages), totalling 24 per cent of wages, for 2 years. Employers with over 1,000 staff will get staff’ EPF contribution of 12 per cent from the central authorities. The subsidy help shall be credited upfront in Aadhar seeded EPFO account (UAN) of an eligible new worker.
(with company inputs)