The Aatmanirbhar Bharat Rozgar Yojana (ABRY), an employment incentive scheme by the Central Government, has exceeded expectations by promoting job creation during the COVID-19 pandemic. Launched in 2020, ABRY offers financial support to employers registered with the Employees’ Provident Fund Organization (EPFO) to encourage employment, especially among those who lost jobs due to the pandemic. The scheme covers both employer and employee contributions for establishments with up to 1000 employees and the employee’s EPF contributions for larger establishments. As of July 31, 2023, ABRY has enrolled over 7.58 million new employees, aiding in economic recovery during challenging times.
Facts/Terms for UPSC Prelims
- Employment Incentive Scheme: Government programs designed to encourage employers to hire more workers, typically through financial incentives or subsidies.
- Employees’ Provident Fund Organization (EPFO): A statutory body in India responsible for administering provident fund, pension, and insurance schemes for organized sector workers. It operates under the Ministry of Labour and Employment.
- Central Board of Trustees: A tripartite board that governs the EPFO, comprising representatives from the government, employers, and employees, overseeing the management of provident fund schemes.
- Organized Sector: Refers to sectors of the economy where labor relations and working conditions are regulated, typically involving formal employment arrangements and social security benefits.