The Finance Minister on Thursday 12/11/2020 announced the Atmanirbhar Bharat Rojgar Yojana to incentivise job creation during Covid-19 recovery phase.
This is eligible for EPFO (EPF) registered companies hiring new workers at monthly wages (Wages as per Supreme Court rule) less than Rs.15000/- per month.
The scheme is as under,
1. Central Govt will pay the EPF contributions for the next two years for eligible employees engaged on or after 1st October 2020. The benefits to be provided will be as under,
|Establishments employing up to 1000 employees||Employees contribution 12% and Employer contribution 12% i.e total 24% of PF wages|
|Establishments employing more than 1000 employees||Only Employee contribution 12% of PF wages|
2. The subsidy support will be credited upfront in Aadhar seeded EPFO account (UAN) of eligible new employee.
Further, eligible employee means,
1. Employee who has lost job between 01/03/2020 and 30/09/2020 or
2. Employee who didn’t have the EPF number earlier i.e an employee in fresh employment