The Aatm Nirbhar Bharat Rojgar Yojana is being launched to incentivize creation of new employment opportunities during the COVID recovery phase. Central government will provide subsidy for two years in respect of new eligible employees engaged on or after 1 October 2020. The Atmanirbhar Bharat Rozgar Yojna will remain operational till 30th June 2021. The direct link to check the Aatmanirbhar Bharat Rojgar Yojana PDF at the labour.gov.in portal is given below.
ATMANIRBHAR BHARAT ROZGAR YOJANA LATEST UPDATES
10 Dec 2020
Aatm Nirbhar Bharat Rojgar Yojana 2020-2021
In this article on Aatm Nirbhar Bharat Rojgar Yojana 2020-2021, we are providing you the complete details about the new employment scheme. Read the scheme PDF yourself at https://labour.gov.in/sites/default/files/Aatmanirbhar_Bharat_Rojgar_Yojana.pdf
Scale for Aatm Nirbhar Bharat Rojgar Yojana
|Establishments employing upto 1000 Employees||Establishments employing more than 1000 Employees|
|Employee’s Contribution (12% of Wages), Employer’s Contribution (12% of Wages), Total – 24% of Wages||Only Employee’s EPF contributions (12% of EPF Wages)|
Beneficiary Criteria for Aatm Nirbhar Bharat Rojgar Yojana
The Atmanirbhar Bharat Rozgar Yojna will be applicable for eligible new employees joining EPFO-registered establishments and for those who exited these establishments during the COVID pandemic. The beneficiary criteria for Aatm Nirbhar Bharat Rojgar Yojana is as follows:-
- New Employees joining employment in EPFO registered establishments on monthly wages less than Rs. 15,000 during validity period of the Aatm Nirbhar Bharat Rojgar Yojana.
- EPF members drawing monthly wage of less than Rs. 15,000 who made exit from employment during COVID pandemic from 1 March 2020 to 30 September 2020 and are employed on or after 1 October 2020.
- The subsidy support to get credited upfront in Aadhaar seeded EPFO Account (UAN) of eligible new employees.
Eligibility Criteria for Establishments in Aatm Nirbhar Bharat Rojgar Yojana
Establishments registered with EPFO if they add new employees compared to reference base of employees as in September 2020 as – Minimum of 2 new employees if the reference base is 50 employees or less. Minimum of 5 new employees if the reference base is more than 50 employees.
Establishments registering with EPFO after commencement of Aatm Nirbhar Bharat Rojgar Yojana to get subsidy for all new employees.
Cabinet Approval for Aatm Nirbhar Bharat Rojgar Yojana
The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has given its approval for Atmanirbhar Bharat Rozgar Yojna (ABRY). This Aatm Nirbhar Bharat Rojgar Yojana would boost employment in formal sector and incentivize creation of new employment opportunities during the Covid recovery phase under Aatmanirbhar Bharat Package 3.0. Cabinet has approved an expenditure of Rs. 1,584 crore for the current financial year and Rs.22,810 crore for the entire Scheme period i.e. 2020-2023.
Salient Features of Aatm Nirbhar Bharat Rojgar Yojana
The salient features of the Aatm Nirbhar Bharat Rojgar Yojana are as under:-
- Indian govt. is going to provide subsidy for 2 years in respect of new employees engaged on or after 1st October 2020 and upto 30th June 2021.
- Government of India will pay both 12% employees contribution and 12% employers contribution i.e. 24% of wages towards EPF in respect of new employees in establishments employing upto 1000 employees for two years,
- Union govt. of India will pay only employees share of EPF contribution i.e. 12% of wages in respect of new employees in establishments employing more than 1000 employees for two years.
- An employee drawing monthly wage of less than Rs. 15000 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 EPF Member account number prior to 1st October 2020 will be eligible for the benefit,
- Any EPF member possessing Universal Account Number (UAN) drawing monthly wage of less than Rs. 15000/- who made exit from employment during Covid pandemic from 01 March 2020 to 30 September 2020 and did not join employment in any EPF covered establishment up to 30 Sept 2020 will also be eligible to avail benefit,
- EPFO will credit the contribution in Aadhaar seeded account of members in electronic manner,
- The 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.
Launch of Aatm Nirbhar Bharat Rojgar Yojana
Indian economy is witnessing a strong recovery after a long and strict COVID_19 lockdown. Finance Minister has announced more stimulus measures to boost growth and mentioned that macro-economic indicators are pointing towards recovery. Even the Covid-19 active cases have declined from over 10 lakh to 4.89 lakh. FM Nirmala Sitharaman address comes a day after the the Union Cabinet approved a Rs. 2 lakh crore production-linked incentive (PLI) package to boost demand in the country.
Press Conference by FM Nirmala Sitharaman
Here are the important points of Press Conference by FM Nirmala Sitharaman:-
- Rs. 3,000 crore will be given to EXIM Bank for promotion of project exports through Lines of Credit under IDEAS Scheme.
- An additional outlay of Rs. 10,000 crores will be provided for PM Garib Kalyan Rozgar Yojana in the current FY to boost rural employment.
- Rs. 65,000 crore to be provided for subsidised fertlisers. This will help 140 million farmers.
- For primary residential real estate sales, relief on the difference between circle rate & agreement value up to 20% vs 10% earlier.
- Income tax relief for developers and home buyers.
- Support for Construction & Infrastructure-Performance security on contract to be reduced to 3% instead of 5%. Earnest Money Deposit will not be required for tenders and will be replaced by Bid Security Declaration. Relaxations will be given till 31st December 2021.
- This extra budgetary resource being provided will help 12 Lakh houses to be grounded & 18 Lakh houses will get completed as a result.
- Rs. 18,000 crore will be provided over and above the budget estimate which was mentioned in the Budget 2020-21 under Pradhan Mantri Awas Yojana. particularly for the urban areas.
- Rs. 1.46 lakh crore boost for Aatmanirbhar Manufacturing Production-linked incentive for 10 champion sectors.
- Guaranteed credit support for 26 stressed sectors identified by the Kamath Committee. Original ECLGS had one year of moratorium and 4 years of repayment, the new scheme will have 1-year moratorium and 5 years of repayment.
- The existing Emergency Credit Line Guarantee Scheme extended till 31st March 2021.
- If new employees of requisite number are recruited from October 1, 2020 to June 30, 2021, the establishments will be covered for the next two years
- Every EPFO registered organisations – if they take in new employees or those who had lost jobs b/1 March 1 & Sept 30 – these employees will get benefits.
- Establishments registering with EPFO after the commencement of Scheme to get subsidy for all new employees. Scheme to be in operation till 30 June 2021.
- Pradhan Mantri Rozgar Protsahan Yojana was implemented up to 31.03.2019. It had covered all sectors and is expected to run for 3 years. So even if someone joined the scheme on 31.03.2019, they would be covered under that existing scheme from then three years
- Atmanirbhar Bharat 3.0: Finance Minister announced new job scheme called Aatm Nirbhar Bharat Rojgar Yojana to create jobs in the country. The new scheme is effective from 1 October 2020
- Rs. 1,32,800 crores have gone as income tax refunds to 39.7 lakh taxpayers
- SBI Utsav cards being distributed, under the festival advance scheme announced on 12th Oct11 states sanctioned ₹3,621 crores as an interest-free loan towards capital expenditure
- Under the Emergency Credit Liquidity Guarantee Scheme, a total amount of ₹2.05 lakh crores has been sanctioned to 61 lakh borrowers, out of which ₹1.52 lakh crores has been disbursed
- Rs. 7,227 crores disbursed under the Special Liquidity Scheme for NBFCs/HFC
- Credit boost has been given to 2.5 crore farmers through Kisan Credit Cards, ₹1.4 lakh crores has been distributed to farmers.
- Rs. 25,000 crores has been disbursed to farmers from Additional Emergency Working Capital Funding through NABARD.
- The work has commenced on creating a portal for migrant workers.
- There has been very good progress on ‘One Nation-One Ration Card’ in 28 states covering 68.8 crore beneficiaries.
- About 157.44 lakh eligible farmers have received Kisan Credit Cards and sanctioned a limit of ₹1,43,262 crore in two phases.
- Around 26.2 lakh loan applications were received under the PM SVANidhi scheme for street vendors.
- The government will announce a few measures related to the stimulus.
- Bank credit growth is up 5.1%; markets are at a record high.
- RBI has predicted a strong likelihood of Indian economy returning to positive growth in third quarter itself.
- India’s GDP forecast for calendar year 2021 has been revised upwards to 8.6% from 8.1% projected earlier: Moody’s
- Strong recovery is being seen, while Covid-19 cases have fallen.
According to a report in news agency Reuters, the package, ahead of Diwali, could offer a stimulus totalling about 1.48 lakh crore to help the economy.The economic stimulus package is likely to focus on MSMEs, rural and urban income groups, and sectors such as hospitality and aviation. On October 19, the finance minister had said that the government has started a mid-year review of the economy and is open to offering another stimulus package after demands from various quarters and industry bodies.
For more details, visit the official twitter handler of FM Nirmala Sitharaman – https://twitter.com/nsitharamanoffc