Ministry : Ministry of Labour and Employment
Aims to create formal jobs.
Scheme:
-
Under the scheme, government would pay Employees Provident Fund (EPF) contributions of both the employee and employer for two years for new workers hired from October 1 to June 30, 2021.
-
For companies that employ up to 1,000 workers, the government would pay the entire contribution – 12% of wages paid by the employee and the employer each.
-
For establishments with over 1,000 workers, it would pay the 12% share of the employee alone.
-
The scheme will apply to those earning less than ₹15,000 a month.
-
The Employees Provident Fund Organisation would credit the amount into the Aadhaar-seeded accounts of the members.