“The Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) Plan Scheme has designed to incentivize Goverment of India will be paying the 8.33% EPS contribution of the employer for the new employment”
46 Lakh people got jobs after giving subsidy to the EPF under the Prime Minister’s Employment Incentive Scheme
EPF Subsidy is being given to the companies or entities employed by the Prime Minister’s Employment Promotion Scheme (PMRPY). It is being said that due to the subsidy given on EPF, 46 lakh new jobs have been created in the country. It is worth mentioning that this work was started in August 2016 in collaboration with the EPFO, which is now being expanded as soon as possible. Under this scheme, aim is to create 1 Crore jobs. It is believed that now a large number of jobs are going to get jobs for the youth of the country.
What is PMRPY Scheme
The purpose of this scheme is to provide employment to the youth in the country. Under this scheme, 8.33% (EPS) is being given in the EPF given to employees by employing companies or institutions. But now it is being increased to 12% EPF + EPS by the government, which will reduce the burden of EPF on employing companies or institutions and the remaining money will be invested in creating new jobs.
Two way Advantage
This new scheme of Prime Minister’s Employment Incentive Scheme is being benefited in two ways.
- One is that the job giving companies are incentive
- Secondly, people have the opportunity to get a new job.
The advantage of this scheme can be availed by the employer who gets the job for 3 years, who have got their registration done on the website of PMRPY. Under this scheme, special incentives are given to those who start in the textile sector.
Report card of Prime Minister’s Employment Incentive Scheme
Under the scheme, starting from July 2017, about 46 lakh people have got the benefit. Under this scheme, the government’s goal is to provide employment to 1 Crore people. For this reason, the government will get Rs. From Rs 2500 crore to about Rs 6500 to Rs 10,000 crore. Under this scheme, Rs. 830,92,02,543 / – out of which the textile sector has to be Rs. 23,71,24,235 / – has been spent. However, 58,423 of 9,23,176 people who registered under the EPFO ??got the benefit. Of these, only 783 belong to the textile sector.
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