What is the News ?

The Aatmanirbhar Bharat Rozgar Yojana (ABRY), an inventive employment incentive scheme introduced by the Central Government, has surpassed its initial objectives for generating employment. This achievement highlights its effectiveness in promoting job creation and supporting economic recovery amidst the challenges posed by the COVID-19 pandemic.

Facts About:

• Launched in 2020, the Aatmanirbhar Bharat Rozgar Yojana (ABRY) was created to stimulate the creation of new job opportunities.
  • It achieves this by providing financial support to employers who are part of the Employees' Provident Fund Organization (EPFO).
• The primary objective of this scheme is to incentivize the employment of individuals, including those who lost their jobs due to the pandemic.
• It does so by covering both the employee and employer contributions, which amounts to 24% of wages, for establishments with up to 1000 employees.
• For larger establishments with over 1000 employees, the scheme covers only the employee's EPF contributions, which is 12% of wages, in relation to new employees.
• As of July 31, 2023, the ABRY has successfully enrolled more than 7.58 million new employees, surpassing its initial target for employment generation.
• This achievement underscores its significant contribution to revitalizing the job market and supporting economic recovery during these challenging times.