Pradhan Mantri Viksit Bharat Rozgar Yojana

Pradhan Mantri Viksit Bharat Rozgar Yojana Latest News

Recently, the Prime Minister of India disbursed incentives amounting to approximately ₹2,400 crore under the Pradhan Mantri Viksit Bharat Rozgar Yojana (PM-VBRY). 

About Pradhan Mantri Viksit Bharat Rozgar Yojana

• It is a flagship employment generation scheme launched by the Government of India to encourage job creation in the formal sector.
• The scheme provides financial incentives to employers and first-time employees, promoting increased enrollment in the Employees’ Provident Fund Organisation (EPFO).
• It aims to boost employment opportunities, strengthen social security coverage, and support the vision of a developed India by 2047.

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Key Features of Pradhan Mantri Viksit Bharat Rozgar Yojana

• 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.
  • 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).
• 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.
  • Payments to the Employers under Part B will be made directly into their PAN-linked Accounts.

Source: PIB