AMN/ WEB DESK
The Central Government’s innovative employment incentive scheme, the Aatmanirbhar Bharat Rozgar Yojana (ABRY), has exceeded its initial employment generation goals, showcasing its success in fostering job creation and recovery during the COVID-19 pandemic.
The Ministry of Labour and Employment in a statement said that the scheme had set a target to benefit approximately 7.18 million employees across India till its last date of registration in March 2022. And, as of 31st July 2023, the scheme has already achieved an enrolment of over 7.58 million new employees, surpassing its initial employment generation target.
The Ministry highlighted that so far, a total of one lakh 52 thousand and 380 establishments, employing 60 lakh 44 thousand 155 new employees and upon fulfilling all the eligibility conditions, have availed benefits amounting to a sum of Nine thousand six hundred 69 crore and 87 lakh rupees under the ABRY scheme.
The Ministry stated that the scheme was launched in October 2020, designed to stimulate the creation of new job opportunities by extending financial support to employers of establishments registered with the Employees’ Provident Fund Organization (EPFO).
The Ministry said that the scheme aimed to incentivize the employment of unemployed individuals, including those who lost their jobs due to the pandemic, by covering both the employee and employer contributions (24 per cent wages) for establishments with up to one thousand employees. It further added, for establishments with over one thousand employees, only the employee’s EPF contributions (12 per cent of wages) were covered in respect of new employees.
The Ministry said that the scheme ensures the disbursements of benefits to specific eligibility criteria, met by beneficiary establishments and employees on a month-to-month basis. The scheme emphasizes a substantial contribution to the job market’s revival, underscoring its role in boosting economic recovery during these challenging times.