The Atmanirbhar Bharat Rozgar Yojana (ABRY) is a critical component of India’s strategy to combat the economic repercussions of the COVID-19 pandemic, particularly in the employment sector. Introduced by the Central Government, the scheme aims to stimulate job creation and support those who have lost their jobs due to the pandemic. Initially set to expire at the end of June, the scheme has now been extended until March 31 of the following year, providing a lifeline to many businesses and workers across the country.
Objective of Atmanirbhar Bharat Rozgar Yojana
The primary goal of ABRY is to encourage employers to create new employment opportunities and to reinstate workers who were laid off during the COVID-19 pandemic. By doing so, the scheme aims to reduce the financial burden on employers and employees alike. The scheme operates through the Employees’ Provident Fund Organisation (EPFO), ensuring that the benefits are directly linked to the provident fund accounts of eligible employees.
Extension of the Scheme
The ABRY was initially set to conclude by the end of June but has seen an extension until March 31 of the next year. This extension is a significant move by the government, recognizing the ongoing challenges faced by businesses in stabilizing their operations and workforce. By extending the scheme, the government offers additional time for more employers and employees to take advantage of its benefits.
Impact on Employment
Since its introduction, the ABRY has had a substantial impact on the job market. It has benefited approximately 21.4 lakh individuals across nearly 80,000 establishments. This large-scale reach indicates the scheme’s effectiveness in addressing job losses and aiding in the employment of a significant number of people who were affected by the economic downturn caused by the pandemic.
Financial Benefits Disbursed
As of June 18, 2021, beneficiaries under the ABRY have received a total benefit of Rs.902 crore. This financial support has been crucial in helping employees sustain themselves during these challenging times. By receiving this assistance, workers have been able to maintain some level of financial stability, which in turn contributes to the overall economic recovery.
Budget Allocation for ABRY
The overall budget earmarked for the Atmanirbhar Bharat Rozgar Yojana stands at Rs.22,810 crore. This substantial allocation demonstrates the government’s commitment to supporting employment in the country. With such a budget, the scheme is expected to benefit more than half a lakh individuals, providing them with much-needed relief amid the ongoing crisis.
Role Amid COVID-19 Crisis
The COVID-19 pandemic has led to unprecedented job losses and economic strain for individuals and businesses. In this context, the ABRY plays a pivotal role in mitigating the adverse effects of the crisis on employment. By incentivizing job creation and offering financial aid, the scheme serves as a critical tool for economic revival and sustenance for a vast number of people affected by the pandemic.
The Atmanirbhar Bharat Rozgar Yojana continues to be a beacon of hope for many as the nation navigates through the economic challenges posed by COVID-19. Its extension and the government’s financial commitment to the scheme are indicative of the concerted efforts being made to ensure that the Indian workforce remains robust and resilient in the face of adversity.