Aatmanirbhar Bharat Rozgar Yojana (ABRY), launched on October 1, 2020, is a government initiative aimed at incentivizing employers to create new jobs and restore employment lost during the COVID-19 pandemic. Under the scheme, the government credits both the employee’s and employer’s shares of EPF contributions for establishments with up to 1000 employees for two years. For larger establishments, only the employee’s EPF contribution is covered. Eligibility includes employees earning less than Rs. 15000 per month who were not part of an EPF-registered establishment before October 1, 2020, or those who lost their jobs during the pandemic. ABRY, which targeted approximately 7.18 million employees, has already enrolled over 7.58 million new employees by July 31, 2023, surpassing its initial employment generation goal, demonstrating its success in fostering job creation and recovery during the pandemic.
Facts/Terms for UPSC Prelims
- Aatmanirbhar Bharat Rozgar Yojana (ABRY): ABRY is a government initiative in India aimed at incentivizing job creation and restoring employment lost during the COVID-19 pandemic.
- Employees’ Provident Fund Organization (EPFO): EPFO is a statutory body in India that manages provident funds and pension schemes for employees in the organized sector.
- EPF Contributions: EPF contributions refer to the monthly contributions made by both employees and employers to the Employees’ Provident Fund, which provides financial security to employees.