Comments
Finance Minister Nirmala Sitharaman on Thursday announced a new job creation scheme by giving subsidy to those establishments that make new hires.
The subsidy would be to cover for retirement fund contributions by employees as well as employers for two years, she said.
Employees contribution (12 per cent of wages) and employer’s contribution (12 per cent of wages) totalling 24 per cent of wages would be given to establishments for two years, she said.
Under the Aatmanirbhar Bharat Rozgar Yojana, every Employees’ Provident Fund Organisation (EPFO) registered establishment taking new employees would get this subsidy.
The scheme will cover any new employee joining employment in EPFO-registered establishment on monthly wages less than ₹15,000.
It would also cover EPF members drawing monthly wages of less than ₹15,000, who made an exit from employment during Covid-19 pandemic from March 1, 2020 and is employed on or after October 1, 2020.
The scheme would cover establishments registered with EPFO if they add new employees compared to the reference base of employees as in September 2020.
The condition would be adding a minimum of two new employees for establishments with up to 50 employees. Those establishments with more than 50 employees, would have to give a minimum of five new jobs.
The scheme would be operational till June 30, 2021.
Also read:
Also read:
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.