The Union Cabinet has approved Atmanirbhar Bharat RojgarYojana (ABRY) to increase employment in the formal sector and encourage the creation of new jobs during the Covid recovery phase of Atmanirbhar Bharat Package 3.0.
Atmanirbhar Bharat RojgarYojana (ABRY):
♦ The Indian government will provide a two-year subsidy for new employees hired between October 1, 2020 or later, and upto 30th June, 2021.
♦ The Indian government will pay 12% of employee contributions and 12% of employer contributions i.e. 24% of wages towards EPF in respect of new employees in establishments employing upto 1000 employees for two years.
♦ The Indian government will only pay employees’ share of EPF contributions, that is, 12% of new employees’ wages within two years in establishing employing more than 1,000 employees.
♦ The monthly salary of an employee is less than Rs. 15000 /-Persons who have not worked in an organization registered with the Employees Provident Fund Organization (EPFO) before October 1, 2020 and have no Universal Account Number or EPF Member account number before October 1, 2020 will be eligible for this 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.