PRADHAN MANTRI VIKSIT BHARAT ROZGAR YOJANA

Current Context: Prime Minister announced the launch of the Pradhan Mantri Viksit Bharat Rozgar Yojana under the Ministry of Labour and Employment, aiming to generate over 3.5 crore jobs in two years.

ABOUT THE SCHEME

• Part A – Support to First-Time Employees
  • Target: First-time employees registered with EPFO.
  • Incentive: One-month EPF wage up to ₹15,000, given in two instalments.
    • 1st instalment: After 6 months of service.
    • 2nd instalment: After 12 months of service + completion of financial literacy programme.
  • Eligibility: Employees earning up to ₹1 lakh per month.
  • Savings Incentive: Portion of incentive to be deposited in a savings account for a fixed term.
  • Payment Mechanism: DBT mode through Aadhar Bridge Payment System (ABPS).
• Part B – Incentives for Employers
  • Eligibility: Employers hiring new employees with salaries up to ₹1 lakh.
  • Incentive: Up to ₹3,000 per month, for 2 years, per sustained new employment.
  • Special Provision: For manufacturing sector, incentives extend to 3rd and 4th year.
  • Payment Mechanism: Incentives directly into PAN-linked accounts.