Topics Covered: Employment related issues.
Atmanirbhar Bharat Rojgar Yojana (ABRY):
The Union Cabinet has given 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.
About the Atmanirbhar Bharat Rojgar Yojana (ABRY):
- Under this, Government of India will provide subsidy for two years in respect of new employees engaged on or after 1st October, 2020 and up to 30th June, 2021.
- Government will pay both 12% employees’ contribution and 12% employers’ contribution i.e. 24% of wages towards EPF in respect of new employees in establishments employing upto 1000 employees for two years.
- Government will pay only employees’ share of EPF contribution i.e. 12% 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 1st October, 2020 and did not have a Universal Account Number or EPF Member account number prior to 1st October 2020 will be eligible for the benefit.
- Any EPF member possessing Universal Account Number (UAN) drawing monthly wage of less than Rs 15000 who made exit from employment during Covid pandemic from March 1, 2020, to September 30, 2020, and did not join employment in any EPF covered establishment up to September 30 will also be eligible to avail benefit.
- Benefits and eligibility under the programme.
Discuss the need for and benefits of such Programmes.