Source | economictimes.indiatimes.com | Yogima Seth Sharma, ET Bureau
Latest data show 7.51 million jobs were created under the scheme since its notification in December 2020, over a quarter more than the initial target of 5.85 million. New jobs created from October 1, 2020 were eligible under the scheme that ran till March 31, 2022.
Under the scheme, the government reimburses the provident fund contribution – 24% of the wages split equally between employees and employers – for two years for all new formal jobs created in enterprises having up to 1,000 employees between October 1, 2020 and March 31, 2022. It was applicable on employees earning less than Rs 15,000 a month.
Workers who had lost jobs during the pandemic period between March 1 and September 30 2020 and got employed at EPFO-registered establishments after October 1, 2020 were also eligible, subject to the wage ceiling.