The Union finance minister, Nirmala Sitharaman announced the Atmanirbhar 3.0 scheme on Thursday that aims to generate new employment opportunities during the Covid-19 economic recovery phase.
The new scheme that aims at improving the country’s ailing economy, will be effective from October 1 2020 and will remain active till June 30, 2021.
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The particular package has been announced under the Atmanirbhar Bharat Rozgar Yojana.
It will mainly benefit those joining employment in Employees’ Provident Fund Organization (EPFO) registered establishments on monthly wages less than rupees 15,000 per month.
Those who lost their jobs between March 1 to September 30 this year, or are employed on or after October 1 also stand to gain from the scheme.
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EPFO registered organizations with up to 1,000 employees, who earn up to rupees 15,000 per month will receive 12 per cent employee’s contribution and 12 per cent employer’s contribution from the central government, the minister while announcing the scheme in New Delhi.
This amounts to 24 per cent of wages for a two-year period under the scheme.
Employers with over 1,000 employees will get employees’ EPF contribution of 12 per cent from the central government.
The subsidy support will be credited into the Aadhar seeded EPFO account (UAN) of an eligible new employee.
Meanwhile, Sitharam also said the Indian economy is recovering at a healthy pace.
Markets are at a record high and the country’s foreign reserves have reached US $560 billion.