Atma Nirbhar Bharat Rozgar Yojana

Context:
Recently, the Union Finance Minister announced the fourth tranche of Atmanirbhar Bharat Rozgar Yojana targeted towards fast track investments in the eight sectors.
Atma Nirbharat Bharat Rozgar Yojana will benefit new employees of EPFO registered organizations and the new employees who had lost jobs between March 1, 2020 and September 30, 2020.

Key Points:
The fourth tranche focuses on eight sectors namely, coal, minerals, defence production, civil aviation, power distribution, social infrastructure, space and atomic energy.

The announced measures also form a part of the Rs. 20 lakh crore economic stimulus package to deal with the Covid-19 pandemic.

The government has already announced the Economic Stimulus-I, the Economic Stimulus-II and the Economic Stimulus-III.

The centre under Atma Nirbharat Bharat Rozgar Yojana will provide subsidy for two years.

For the establishments employing up to 10,000 employees, the GoI will provide employees’ contribution (12% of wages) and employer’s contribution (12% of the wages).

EPF scheme:

The Employment Provident Scheme shall be managed by the Employees Provident Fund Organization. It refers to all establishments that hire more than 20 staff.

Within the scheme, the employee must pay a certain contribution to the scheme. The same contribution shall also be paid by the employer. During the resignation of the employee, the employee shall be paid a lump sum with interest in both.

Under the scheme, an individual receiving a salary of less than Rs 15,000 is not eligible. Thus the GoI took Atma Nirbhar Bharat Rozgar Yojana to include them as well as further improve the generation of jobs in the region.

Here in Atma Nirbhar Bharat Abhiyan, the GoI had declared that it would pay both employee and employer contributions.