Pradhan Mantri Viksit Bharat Rozgar Yojana (PMVBRY), Features

Pradhan Mantri Viksit Bharat Rozgar Yojana

Pradhan Mantri Viksit Bharat Rozgar Yojana (PM-VBRY) 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.

• 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.

Pradhan Mantri Viksit Bharat Rozgar Yojana Key Features

• 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a portion of the incentive will be kept in a savings instrument or deposit account for a fixed period and can be withdrawn by the employee at a later date.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.

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