The Union Cabinet has given its approval for Atmanirbhar Bharat RojgarYojana (ABRY) to boost employment in formal sector and incentivize creation of new employment opportunities during the Covid recovery phase under Atmanirbhar Bharat Package 3.0.
Daily Current Affairs Quiz 2020
Key-Points
Government of India will provide subsidy for two 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 Employees’ Provident Fund (EPF) in respect of new employees in establishments employing upto 1000 employees for two years.
Government 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 employee 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 1stOctober 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 01.03.2020 to 30.09.2020 and did not join employment in any EPF covered establishment up to 30.09.2020 will also be eligible to avail benefit.
