Centre To Pay PF Contribution Of Newly Joined Employees

Centre To Pay PF Contribution Of Newly Joined Employees

Taking important steps towards increasing employment in the country amid Corona crisis, the Central Government on Wednesday approved the Atmanirbhar Bharat Rojgar Yojana (Self-Reliant India Employment Scheme). Under this, the government will provide 12-12 per cent subsidy on the Provident Fund (PF) to both the new job seeker and the new recruiter.

The Union Cabinet chaired by Prime Minister Narendra Modi, allocated a budget of Rs 1,584 crore for this purpose for the current financial year and Rs 22,810 crore for the entire plan period 2020-2023. The scheme will benefit 58.5 lakh employees.

Under this scheme, the Central Government will provide a subsidy for a period of two years to all new employees involved on or after October 1, 2020 and till June 30, 2021. This facility will be available only to institutions where there are up to 1000 employees. In the employment provider organizations having more than 1000 employees, the Central Government will contribute only 12 percent of the employees in the EPF for a period of two years in respect of new employees….Read More>>


Source:- kalingatv


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