Union Finance Minister Nirmala Sitharaman introduced one other set of stimulus measures below the Atmanirbhar Bharat Abhiyaan 3.Zero scheme to push financial development which has been hit by Covid-19 pandemic. Atmanirbhar Bharat Rozgar Yojana is one such scheme to incentivise job creation and create extra employment alternatives within the COVID restoration part. The advantages of this scheme will likely be given to all of the organizations registered with the Employee Provident Fund Organisation (EPFO) which make use of new workers or give employment to those that misplaced jobs between March 1 and September 30.
Under the scheme authorities will contribute provident fund (employers and workers share on the price of 12 per cent of wages) for 2 years to organisations with an worker energy of as much as 1,000. For firms using greater than 1,000 workers, the federal government will present solely worker’s contribution on the price of 12 per cent of wages.
The profit will likely be offered to solely these workers with wages lower than Rs 15,000 per thirty days. The subsidy within the type of PF contributions will likely be immediately credited into the Aadhaar-seeded EPF account (UAN) of the worker.
The scheme will likely be efficient from October 1, 2020 and operational until June 30, 2021.
”Initiatives akin to the federal government bearing the price of new workers’ (together with people who misplaced their jobs through the pandemic) EPFO contribution, extension of manufacturing linked incentives, facilitating ease of doing enterprise by leisure of earnest cash deposit necessities for contractors taking part in authorities tenders are steps that may immediately or not directly assist job creation,” stated Siddhartha Sanyal, Chief Economist and Head- Research, Bandhan Bank.