Atma Nirbhar Bharat Rozagar Yojana 3.0 : Govt attempts major boost for job creation
New Delhi/IBNS: Finance Minister Nirmala Sitharaman on Thursday announced Atma Nirbhar Bharat Rozagar Yojana 3.0 aimed at boosting economic growth amid a GDP drop of 8.3 per cent in July-September.
As per the new scheme, every organisation registered under Employees' Provident Fund Organisation (EPFO) that adds new employees who had previously never covered under EPFO or who lost employment between March 1 and September 30 of this year, will be entitled to the benefits under the Atma Nirbhar Bharat Rozgar Yojana.
The scheme will last till June 30, 2021 starting from October 1, 2020.
Companies with less than 50 employees should employ two new employees while those with more than 50 employees should add five new employees to avail the subsidy.
The reference base for the scheme will be the month of September.
Under the scheme, a company with au to 1000 workers who earn up to Rs 15,000 per month, the 12 per cent PF contribution from the employer and 12 per cent PF contribution of the employee--totalling to 124 per cent--will be borne entirely by the Central government.