Pradhan Mantri Viksit Bharat Rozgar Yojana

Pradhan Mantri Viksit Bharat Rozgar Yojana Latest News

Recently, the Prime Minister announced the Pradhan Mantri Viksit Bharat Rozgar Yojana.

About Pradhan Mantri Viksit Bharat Rozgar Yojana

• It provides direct cash incentives to eligible employees and employers to boost formal job creation. 
• Aim: The scheme aims to support creation of over 3.5 crore jobs in two years.

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Key Features of the Scheme

• Part A – Support to First-Time Employees
  • Targeting first-time employees registered with EPFO, this Part will offer one-month EPF wage up to Rs 15,000 in two installments.
  • Employees with salaries up to Rs 1 lakh will be eligible for the incentives.
  • The 1st instalment will be payable after 6 months of service and the 2nd instalment will be payable after 12 months of service and completion of a financial literacy programme by the employee.
  • To encourage the habit of saving, a portion of the incentive will be kept in a savings instrument or deposit account for a fixed period and can be withdrawn by the employee at a later date.
• Part B – Incentives for Employers
  • This part will encourage generation of additional employment in all sectors, with a special focus on the manufacturing sector.
  • The employers will get incentives in respect of  new employees with salaries up to Rs 1 lakh.
  • The Government will incentivize employers, up to Rs 3000 per month, for two years, for each additional employment, sustained  for at least six months.
  • For the manufacturing sector, incentives will be extended to the 3rd and 4th  years as well.
  • Incentive Payment Mechanism: All payments to the First Time Employees under Part A of the Scheme will be made through DBT (Direct Benefit Transfer) mode using Aadhar Bridge Payment System (ABPS). Payments to the Employers under Part B will be made directly into their PAN-linked Accounts.

Source: PIB