On November 12, 2020, the union cabinet came up with Atmanirbhar Bharat Rozgar Yojana (ABRY). Finance Minister Nirmala Sitharaman announced the scheme details. Under this scheme, about 50-60 lakh jobs are planned to be created by June, 2021. Many people have lost their jobs in the country at the start of the pandemic. As per the data from Employees Provident Fund Organisation (EPFO), around 20 lakhs jobs were lost in the initial months of the pandemic. Even today some people are struggling to get jobs. Thus, central government has come up with this scheme, thereby aiming to provide 50-60 lakhs jobs by June next year.
|Scheme name:||Atmanirbhar Bharat Rozgar Yojana|
|Scheme under:||Central Government|
|Announced By:||Finance Minister, Nirmala Sitharaman|
|Announcement date:||November 12, 2020|
|Main Objective:||To create 50-60 lakhs new jobs to help those who were unemployed due to the pandemic situations|
Scheme Objectives and Benefits:
- To create jobs for helping those who are affected by loss of jobs during the pandemic
- This scheme will be beneficial for the unemployed youth in the country
- About 50-60 lakhs new jobs are aimed to be created under this scheme by June 2021
- EPFO registered establishments will also get 24% of EPF subsidy from the government
- All the employees with a minimum monthly pay of Rs. 15,000 or less will be covered under this scheme
- These employments will contribute in the development of the overall economic state in the long run.
- It will revive the economy affected by the pandemic and lock down situations
- Atmanirbhar Bharat Rozgar Yojana (ABRY) is announced by Finance Minister, Nirmala Sitharaman on November 12, 2020
- This scheme aims at creating 50-60 lakhs jobs in the country by June 2021
- The data from Employees Provident Fund Organisation (EPFO) shows that 20 lakhs jobs were lost during the initial months of the pandemic and this scheme aims to resolve the unemployment faced by the people due to the pandemic
- Under this scheme, a minimum net addition to the workforce by the private firms and companies is decided
- Hereby the private companies with less than 50 employees are required to hire 2 new employees each month and companies with more than 50 employees are required to hire at least 5 new employees
- Centre will keep a check and monitor the payroll of such firms and companies
- This minimum net addition limit is only applicable for the employees with a pay up to Rs. 15,000 per month.
- If in any month this minimum limit of job addition s missed by any firm then the EPF subsidy will be discounted for that particular month
- Centre will give 24% of EPF subsidy to the firms and companies for 2 years which will include employee contributions and employer contributions at the rate of 12% each.
- This scheme will ensure the minimum limit on addition of new employees is maintained by the private firms and companies
- His scheme covers private firms and companies registered under EPFO
- Atmanirbhar Bharat Rozgar Yojana will be operational till June 30, 2021.