Key Points :
• Cabinet approved Rs. 22,810 crore for entire scheme period i.e. 2020-2023.
• Subsidy for New Hiring :
The subsidy would be to cover for provident fund contribution by employees as well as employers for two years
or after 1st October, 2020 and upto 30th June, 2021.
• Amount of Subsidy :
Government of India will pay 24% or 12% each employees' and employers contribution towards the provident fund for each new candidate enrolled.
• Eligibility for Benefits :
An employee monthly salary less than Rs. 15,000/- 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 Member account number prior to 1st October 2020 will be eligible for the benefits.
• For establishment up to 1000 employees, 12% of wages as employee's contributions and 12% of wages as employer's contributions will be given by Union Government.
• EPFO will credit through Direct Benefit Transfer (DBT) to eligible beneficiary account (Aadhar based).
• EPFO shall develop a software for the scheme and also develop a procedure which is transparent and accountable at their end.
• EPFO shall work out modality to ensure that there is no overlapping of benefits provided under ABRY with any other scheme implemented by EPFO.
AtmaNirbhar Bharat Rojagar Yojana encourages enterprises/Startups in given job opportunities to new employees. This will recover/stable the financial condition of economically affected person during Covid-19 pandemic lockdown. This will boost new job opportunities and starting new enterprises.
Also Read : Vocal for Local
Prelims Based Questions :
* How much subsidy Government will offer under ABRY ?
* Who will be benefited from ABRY ?
References
PIB
News Papers
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