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Atmanirbhar Bharat Rozgar Yojana

Posted on June 23, 2022 by admin1  69

In News

  • The government has surpassed the formal employment creation target set under the Atmanirbhar Bharat Rozgar Yojana (ABRY), which incentivises employers for creating jobs.

About Atmanirbhar Bharat Rozgar Yojana

  • It was announced as a part of Aatmanirbhar Bharat 3.0 package to boost the economy, increase the employment generation in post Covid recovery phase and to incentivize creation of new employment along with social security benefits and restoration of loss of employment during COVID-19 pandemic.
  • It is being implemented through the Employees Provident Fund Organisation (EPFO).
  • Features 
    • Under ABRY, Government of India is crediting for a period of two years both the employees’ share (12% of wages) and employers share’ (12% of wages) of contribution payable or only the employees’ share, depending on employment strength of the EPFO registered establishments. 
    • Under ABRY benefits are provided to every establishment registered with EPFO and their new employees (earning wage less than Rs. 15,000/- per month) if the establishments take new employees on or after 1.10.2020 and upto 30th June, 2021 or those who lost jobs between 01.03.2020 to 30.09.2020.
    • The beneficiaries registered upto 31st March, 2022 will continue to receive the benefits for 2 years from the date of registration under the scheme.

Image Courtesy:ET

Objectives 

  • It aims to boost employment generation and minimise the socio-economic impact of the Covid-19 pandemic. 

Achievements 

  • It has helped formalise informal employment and create new employment opportunities during and post Covid-19 pandemic.
  • It reduces the financial burden of the employers of various sectors/industries and encourages them to hire more workers.

Source:ET

 
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