New Delhi: First-time employees registered with the EPFO are set to earn Rs 15,000 from August 1 under the new PM Viksit Bharat Rozgar Yojana (PM-VBRY), said the Ministry of Labour and Employment Friday.
PM-VBRY, earlier known as the employment-linked incentive (ELI) scheme, was cleared by the Union Cabinet with an outlay of Rs 99,446 crore.
“Targeting first-time employees registered with EPFO, the scheme will offer one-month EPF wage up to Rs 15,000 in two instalments,” the Ministry said.
The first instalment will be payable after six months of service, and the second instalment will be payable after 12 months of service and completion of a financial literacy programme by the employee.
The scheme is targeted at people with salaries up to Rs 1 lakh. It will also encourage the habit of saving among individuals.
For this, “a portion of the incentive will be kept in a savings instrument or deposit account for a fixed period and can be withdrawn by the employee at a later date”, the Ministry said.
The scheme also incentivises employers to create new employment and aims to provide benefits for the generation of new jobs across various sectors, with special focus on the manufacturing sector.
For employers, the scheme will cover the generation of additional employment in all sectors, with a special focus on the manufacturing sector.
“The employers will get incentives in respect of employees with salaries up to Rs 1 lakh. The Government will incentivise employers, up to Rs 3,000 per month, for two years, for each additional employee with sustained employment for at least six months,” the Ministry said.
For the manufacturing sector, incentives will be extended to the third and fourth years.
To avail the scheme, EPFO-registered establishments will have to hire at least two additional employees (for employers with less than 50 employees) or five additional employees (for employers with 50 or more employees), on a sustained basis for at least six months.
While payments to first-time employees will be made through DBT (Direct Benefit Transfer) mode using the Aadhar Bridge Payment System (ABPS), payments to the employers will be made directly into their PAN-linked accounts, the Ministry said.
PM-VBRY scheme aims to incentivise the creation of more than 3.5 crore jobs in the country, over a period of 2 years, the Ministry said.
“Out of these, 1.92 crore beneficiaries will be first timers, entering the workforce. The benefits of the scheme would apply to jobs created between August 1, 2025, and July 31, 2027,” it added.
IANS
