The finance minister has announced a special scheme - “Aatma Nirbhar Bharat Rozgar Yojana” (ANBRY) to create more jobs. Under the scheme, the central government will provide a special EPF subsidy to those organisations that hire new employees.
A person joining on a monthly salary of less than Rs. 15,000 in an EPFO-registered establishment will be eligible to get the benefit.
The fin-min said that while the employees’ contribution will be 12 per cent, the employer's contribution will be 12 per cent, totalling 24 per cent of wages will be provided to the firms for two years.
The condition is to add a minimum of two new employees for organisations with up to 50 employees and a minimum of five employees for establishments with more than 50 employees. The scheme would be applicable till June 30, 2021.
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