To promote employment in the country, the Union Cabinet has approved the Self-Reliant India Employment Scheme on Wednesday. This will encourage both the employee and the employer. The scheme was announced by Finance Minister Nirmala Sitharaman in the month of November and today it has got cabinet approval. After the cabinet meeting, Labor Minister Santosh Kumar Gangwar said that the scheme will cover those employees who have joined the job between 1 October 2020 to 30 June 2021. 58.5 lakh employees will benefit from the self-sufficient Bharat Rojgar Yojana. 1584 crore rupees will be spent on this scheme in the current financial year. At the same time, the expenditure during the entire plan period by 2020-2023 will be Rs 22810 crore.
In fact, subsidy will be given to the employers who make new appointments under the Self-Employed India Employment Scheme. The subsidy will be to cover the retirement fund contribution ie PF made for two years by the Employers and Employers. The subsidy will be given by the government to the employees for two years, equal to 12 percent of the contribution made by the employees in the PF and 12 percent of the contribution by the employer.
This condition for employees
Under the Self-reliant Bharat Rojgar Yojana, every such employee who registers in EPFO, who is appointing new employees, will be eligible for subsidy. In order to take advantage of this scheme, establishments with maximum 50 employees will have to recruit at least two new employees, whereas establishments having more than 50 employees will have to recruit at least five new ones.
Which employee benefits
Under this scheme, EPFO will cover every new employee appointed in the register institute, whose monthly salary is less than Rs 15,000. It will also include EPF members with less than 15,000 wages, who were fired during the COVID-19 epidemic and rejoined on or after October 1, 2020.
Source: www.financialexpress.com