In a bid to recover the economy, Finance Minister Nirmala Sitharaman on Thursday launched a new employment scheme- the Aatmanirbhar Bharat Rozgar Yojana, so as to generate new employment opportunities in the economy.
This scheme aims to benefit any person getting employed in an EPFO (Employees Provident Fund Organisation) registered establishment on a monthly wage less than Rs.15,000.
FM Sitharaman stated that the scheme would further also benefit any person who left their job between March 1 to September 30 and are employed on or after October 1.
As for establishments, they will be able to receive the benefits from this scheme if any EFPO registered establishment with 50 employees, employs at least 2 new employees. Those establishments with more than 50 employees would have to add 5 or more new employees to avail the benefits.
Those establishments with 1000 or more employees, would receive employee's contribution (12% of wages) and employer's contribution (12% of wages), which totals upto 24% of wages for 2 years from the government.
This total package, FM Nirmala Sitharaman said would amount to Rs. 2.65 lakh crore.