Atma-Nirbhar Bharat Rojgar Yojna…. Emerging India

Government of India on 9^thDecember, 2020 approved INR 22,810 crore outlay for the Atma-Nirbhar Bharat Rojgar Yojna (ABRY), which aims at encouraging businesses to do new recruitments amid the Covid pandemic and restrengthen business and industries. Considering to boost employment in formal sector and incentivise creation of new employment opportunities during the covid recovery phase, it has approved an expenditure of INR 1,584 crore for the current financial year and INR 22,810 crore for the entire scheme period for year 2020 - 2023. Under this scheme, the Government will provide :-

• Subsidy for 2 years in respect of new employees engaged on or after 1^stOctober,2020 and upto 30^thJune,2021.

• The government will pay both 12% employee’s contribution and 12% employer’s contribution ie. 24% basic wages towards employees provident fund, in respect of new employees in establishments employing upto 1,000 employees for 2 years in this scheme.

• However, the government will pay only employee’s share of EPF contribution ie. 12% of wages in respect of new employees in establishments employing more than 1,000 employees for two years.
• An employee drawing a monthly wage of less than INR 15,000 who has not working in a any establishment registered with the EPF organisation before 1^stOctober2020, and did not have a universal account number or EPF member account number, prior to 1^stOctober2020, will be eligible for the benefit.

• Any EPFO member possessing universal account number, drawing a monthly wage of less than INR 15,000 who exited employment during covid pandemic from 1^stMarch,2020 to 30^thSeptmber,2020 and did not join employment in any EPFO covered establishment upto 30^thSeptember,2020 will also be eligible to avail the benefit.

• The EPFO will credit the contribution in Aadhar seeded account of members in an electronic manner.

• Then EPFO will develop software for this scheme and also develop a procedure which shall be transparent and accountable, it will work out the modality to ensure that there is no overlapping of benefit provided under the ABRY with any other scheme implemented the by the EPFO.

Welcoming this step, Business and Industry houses are hopeful to give benefit of this scheme to lakhs of workers beneficieries, affected during covid pandemic and working to make out growing economy to turn new milestones. Lets work towards an Emerging India…… 

contributed by :

CA Yogesh Birla

Director
Birla WP Management
visit us at : www.YogeshBirlaCA.Blogspot.com