Source | economictimes.indiatimes.com | Yogima Seth Sharma
The Cabinet on Wednesday gave its go ahead to the employment generation scheme, Atma Nirbhar Bharat Rozgar Yojana, which will incentivise employers to create more formal jobs.
Even the take home salary of formal workers drawing up to Rs 15,000 per month and enrolled under the Employees Provident Fund Organisation will go up.
The scheme will cost the government Rs 22,810 crore and the registration for the scheme will be effective from October 1, 2020 to June 30,2021. The labour ministry will soon notify rules for the scheme.
“Government will reimburse 24%, 12% each for employees and employers, for two years for all new formal jobs created in enterprises having up to 1000 employees between October 1 and till June 30 next year,” labour minister Santosh Kumar Gangwar said at the cabinet briefing. However, with enterprises having more than 1000 workers, the reimbursement will be restricted to 12% of the employees contribution, he said.
