Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman has announced 12 key measures, as part of Government of India’s stimulus to the economy, under AatmaNirbhar Bharat 3.0 on November 12, 2020. As per the government, the net stimulus announced amounts to ₹ 2.65 Lakh crore.
Aatmanirbhar Bharat Rozgar Yojana
- Under the scheme, those establishments that make new hiring will get a special EPF subsidy from the central government. The EPF statutory subsidy will be given for a period of two years from the date of their employment during the above period.
- Any new employee joining employment in EPFO registered establishments on monthly wage of less than Rs. 15,000 will be eligible to get the benefit.
- The scheme will also cover EPF members drawing monthly wages of less than ₹15,000, who made an exit from employment during COVID-19 pandemic from 1 March, 2020 and is employed on or after 1 October, 2020.
- Every Employees’ Provident Fund Organisation (EPFO) registered establishment taking new employees will be eligible to get the benefit of this subsidy
- Employees contribution (12%) and employer’s contribution (12%) totalling 24% of wages will be given to establishments employing up to 1000 employees.
- Only employees contribution (12%) will be given to establishments employing more than 1000 employees.
- The scheme will be effective from October 1, 2020 and operational till 30th June 2021.
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