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New Delhi: Starting August 1, first-time employees registered with the Employees' Provident Fund Organisation (EPFO) will receive Rs 15,000 under the newly launched PM Viksit Bharat Rozgar Yojana (PM-VBRY). The scheme, earlier known as the Employment-Linked Incentive (ELI) was recently approved by the Union Cabinet with a budget of Rs 99,446 crore, the Ministry of Labour and Employment announced on Friday.
Rs 15,000 First Job Bonus: Modi Govt’s New Scheme Starts August 1 - Check Eligibility, Details
The Bharat Rozgar Yojana is a government scheme that encourages employers to create new jobs by offering them incentives. Its main goal is to boost job opportunities across different sectors, especially in manufacturing. The scheme plays a key role in driving India's economic growth through employment-led development.
New Delhi: Starting August 1, first-time employees registered with the Employees' Provident Fund Organisation (EPFO) will receive Rs 15,000 under the newly launched PM Viksit Bharat Rozgar Yojana (PM-VBRY). The scheme, earlier known as the Employment-Linked Incentive (ELI) was recently approved by the Union Cabinet with a budget of Rs 99,446 crore, the Ministry of Labour and Employment announced on Friday.
The Bharat Rozgar Yojana is a government scheme that encourages employers to create new jobs by offering them incentives. Its main goal is to boost job opportunities across different sectors, especially in manufacturing. The scheme plays a key role in driving India's economic growth through employment-led development.
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The scheme has two parts, one for first-time employees and another for employers:
Part A: Incentives for First-Time Employees
This part targets individuals joining the workforce for the first time and registered with EPFO. Eligible employees (with salaries up to Rs 1 lakh) will receive a one-time EPF wage benefit of up to Rs 15,000, paid in two installments after 6 months and after 12 months of continuous service. To receive the second installment, employees must also complete a financial literacy programme. A portion of this incentive will be set aside in a savings account or instrument to promote saving habits and can be withdrawn later.
Part B: Support for Employers
Employers hiring new workers especially in the manufacturing sector will be eligible for incentives of up to Rs 3,000 per month for each new employee who stays on the job for at least six months. This support will continue for two years, and for manufacturing units, the incentive period extends to the third and fourth years as well.
To benefit from the scheme, EPFO-registered employers must hire new workers and retain them for at least six months. Businesses with fewer than 50 employees need to add at least two new workers, while those with 50 or more employees must hire a minimum of five.
According to the Ministry, first-time employees will receive their payments through Direct Benefit Transfer (DBT) using the Aadhaar-based payment system (ABPS). Meanwhile, employers will get their incentives directly into their PAN-linked bank accounts.
Source: ZeeNews
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