Union Finance Minister Nirmala Sithraman addressing a press conference today announced the extension of the Atmanirbhar Bharat RojgarYojana (ABRY) till March 31, 2022. The scheme aims at new personnel and extends a assisting hand towards employers and personnel with regards to contributions into the employee provident fund account.
There are circumstances to be met prior to the government contributes towards your PF account:
An employee drawing month-to-month wage of much less than Rs. 15000 who was not working in any establishment registered with the Employees’ Provident Fund Organisation (EPFO) prior to 1st October, 2020 and did not have a Universal Account Number or EPF Member account quantity prior to 1stOctober 2020 will be eligible for the advantage.
In establishments employing upto 1000 personnel, Government will spend each 12% employees’ contribution and 12% employers’ contribution i.e. 24% of wages towards EPF in respect of new personnel for two years.
In establishments employing more than 1000 personnel, the Government will spend only employees’ share of EPF contribution i.e. 12% of wages in respect of new personnel for two years.
Under the scheme, the Government of India was to provide subsidy for two years in respect of new personnel engaged on or soon after 1st October, 2020 and upto 30th June, 2021. Now, the advantage of the scheme can be availed till March 31, 2022.
Currently, the mandatory month-to-month contribution by the employee stands at 12 per cent of the month-to-month spend which incorporates month-to-month standard spend, dearness allowance and retaining allowance, if any.
EPFO will credit the contribution in Aadhaar seeded account of members in electronic manner. Make sure your UAN is linked to Aadhaar. ABRY aims to enhance employment in the formal sector and incentivize creation of new employment possibilities in the course of the Covid recovery phase beneath Atmanirbhar Bharat Package 3..