Home >Economy >EPFO support scheme to boost employment extended till March next year

Finance Minister Nirmala Sitharaman today announced the extension of Aatma Nirbhar Bharat Rozgar Yojana till 31st March 2022. Launched on 1* Oct, 2020. Incentivizes employers for creation of new employment, restoration of loss of employment through EPFO. Under this scheme, Employees’ Provident Fund Organisation (EPFO), reduces the financial burden of the employers of various sectors/industries including MSME and will encourages them to hire more workers. EPFO will credit the contribution in account of members in electronic manner/

Under the scheme, subsidies are provided for two years from registration for new employees drawing monthly wages less than Rs. 15000 for:

-Both Employer’s and Employee’s share of contribution (total 24% of wages) for establishment strength up to 1000 employees.

-Only Employee's share (12% of wages) in case of establishment strength of more than 1000.

Since October 2020, about 21.42 lakh beneficiaries of 79,577 establishments have been benefitted from the scheme.

The finance minister today announced a slew of measures, including 1.1 lakh crore credit guarantee scheme for improving health infrastructure, and enhancing the limit under the ECLGS by 50 per cent to 4.5 lakh crore for the MSME sector facing liquidity crunch.

The existing Emergency Credit Line Guarantee Scheme (ECLGS) scheme, announced as part of 20-lakh crore Atmanirbhar Bharat Abiyan package in May 2020, was 3 lakh crore.

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