Changes in EPFO – Atmanirbhar Bharat Rojgar Yojana (ABRY)
Atmanirbhar Bharat Rozgar Yojana is a new Indian government scheme to create employment opportunities in the country during the COVID-19 recovery phase. Under this scheme, the Government will provide a subsidy of 24% or 12% for two years to establishments for new hiring. The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi, has given its approval for Atmanirbhar Bharat Rojgar Yojana (ABRY) to boost employment in the formal sector and incentivize the creation of new employment opportunities during the Covid recovery phase under the Atmanirbhar Bharat Package 3.0.
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.
Eligibility of the Employee:-
- The monthly wages of the employee should be earned up to ₹ 15,000.
- The employee, who has lost their job between March 1, 2020, and September 30, 2020, and rejoin work, will be eligible for the subsidy.
- The new candidates who enroll newly between October 1, 2020, and June 30, 2021, will get the benefits under the scheme for a period of two years.
Eligibility of the Establishment:-
- The establishment should be registered under EPFO.
- With up to 1000 employees who earn under ₹ 15,000 per month, 12% of employee’s contribution + 12% of employer’s contribution will be paid entirely by the Central Government.
- For above 1000 employees who earn under ₹ 15,000 per month, only 12% of the employee’s contribution will be paid by the Central Government.
- Establishments with less than 50 employees must recruit at least two new employees and with more than 50 employees must employ at least five new employees.
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