Union Finance Minister Nirmala Sitharaman on Monday announced new relief measures amid economic distress caused by the second wave of COVID-19 in the country.
FM Sitharaman, while addressing a press conference, announced that the Employees' Provident Fund (EPF) support to employers and employees under Atmanirbhar Bharat Rozgar Yojana (ABRY) has been extended by nine months till March 31, 2022.
"This scheme now, which was valid till June 30, 2021, is being extended till March 31, 2022," FM Sitharaman said.
ABRY, which was launched on October 1, 2020, incentivises employers for the creation of new employment, restoration of loss of employment through EPFO. The government approved an outlay of Rs 22,810 crore for 58.50 lakh estimated beneficiaries.
Around 21.42 lakh people have benefited from the scheme till June 18, 2021, with a total outgo of Rs 902 crore. The beneficiaries are spread around 79,577 establishments.
The scheme is being implemented through the EPFO and reduces the financial burden of the employers of various sectors/ industries and encourages them to hire more workers.
Under the ABRY, the Government of India is crediting both the employees' share (12 per cent of wages) and employers' share (12 per cent of wages) of contribution for two years, payable for establishment strength up to 1,000 employees and giving a salary of up to Rs 15,000 a month.
In case of establishment strength of more than 1,000 for all those with Rs 15,000 per month salary, only employee's share is credited to the EPFO. The last day of registration is June 30, 2021.
(With input from agencies)
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