How has Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) incentivizing the employers for creation of employment?
- Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) was launched on 9th August, 2016 with the objective to incentivise employers for creation of employment.
- Under the scheme, Government of India is paying Employer’s full contribution i.e. 12% towards EPF and EPS both (as admissible from time to time) w.e.f. 01.04.2018 for a period of three years to the new employees and to the existing beneficiaries for their remaining period of three years through EPFO.
- The terminal date for registration of beneficiary through establishment is 31st March, 2019.
- The scheme is targeted for employees earning upto Rs. 15,000 per month.
- This scheme has a dual benefit, where, on the one hand, the employer is incentivised for increasing the employment base of workers in the establishment, and on the other hand, these workers will have access to social security benefits of the organized sector.
- Number of Employees and Establishments benefitted as on 31.12.2018 is 98.38 lakh and 1.21 lakh respectively.