In his remarkable speech, On 79th Independence Day, Prime Minister Narendra Modi gave many happy news to the public of Inida. After GST Reform, PM Modiunveiled the Pradhan Mantri Viksit Bharat Rozgar Yojana, marking it a bold step toward making India a developed nation by 2047.
The initiative aims to enhance self-reliance, innovation and job creation and aims to create above 3.5 crore jobs in the next two years. If you are a young job seeker, or business owner, it could be directly beneficial!
Here’s how it works:
- Newly employed youth will receive an incentive of up to ₹15,000, paid in two instalments.
- Employers who hire under this scheme can claim up to ₹3,000 per month per new employee.
This move not only supports job creation but also encourages companies to expand their workforce. So, whether you’re looking for a job or planning to hire, this scheme is worth keeping an eye on.
Viksit Bharat Rozgar Yojana: Here Are All The Details For The First Time
The scheme has two parts. Part A supports first-time employees registered with EPFO who earn up to ₹1 lakh annually. It offers up to ₹15,000 in incentives. Part B provides employers with up to ₹3,000 per month for each new eligible hire. This aims to encourage job creation, especially in manufacturing. Payments will be made through DBT and PAN-linked accounts. The scheme promotes job generation, workforce formalization, and economic growth. The official application details are still pending and will be released by the government soon.
Part A- Support To First-Time Employees
- Targets first-time employees registered with the Employees’ Provident Fund Organisation (EPFO).
- Eligible if earning up to ₹1 lakh annually.
- Beneficiaries will receive one month’s EPF wage (up to ₹15,000) in two instalments:
- First instalment after completing 6 months of service.
- Second instalment after 12 months, subject to completion of a financial literacy programme.
- A portion of the incentive will be invested in fixed deposits or savings instruments.
- Expected to benefit around 1.92 crore first-time employees.
Eligibility For First-Time Employees (Part A):
- Registered with EPFO (Employees’ Provident Fund Organisation).
- First-time jobholders (not previously registered with EPFO).
- Must earn up to ₹1 lakh annually.
- Must stay employed for:
- 6 months to receive the first instalment.
- 12 months (and complete a financial literacy program) for the second instalment.
- A portion of the incentive will be locked in fixed deposit/savings
Part B – Incentives For Employers
- Applicable to employers across sectors, with a focus on manufacturing.
- Employers will receive up to ₹3,000/month for two years per additional employee earning up to ₹1 lakh annually.
- The job must be retained for at least 6 months.
- In manufacturing, the incentive extends to the third and fourth years.
- Projected to support the creation of 2.60 crore additional jobs.
Eligibility For Employers (Part B):
- Must be a registered employer, especially in manufacturing or other formal sectors.
- Should hire new employees earning up to ₹1 lakh annually.
- Must retain the new employee for at least 6 months to claim the incentive.
- In the manufacturing sector, the incentive continues for the third and fourth years.
- Must have a PAN-linked bank account for receiving the incentive.
Viksit Bharat Rozgar Yojana: How To Apply,Payment Mechanism
- Employees (Part A) will receive payments via Direct Benefit Transfer (DBT) using the Aadhaar Bridge Payment System.
- Employers (Part B) will receive payments into PAN-linked bank accounts.
How To Apply (Expected Process)
For Employees (First-Time Workers – Part A):
- Ensure EPFO Registration: You must be registered under the Employees’ Provident Fund Organisation (EPFO) through your employer.
- Verify Salary Eligibility: Your annual income must be ₹1 lakh or less.
- Maintain Employment: Stay employed for at least 6 months to become eligible for the first instalment and 12 months (plus complete a financial literacy course) for the second instalment.
- Aadhaar & Bank Details: Ensure your Aadhaar is linked to your bank account to receive payments via Direct Benefit Transfer (DBT).
For Employers (Part B):
- Register New Hires with EPFO: New employees must be registered with EPFO and meet the salary cap of ₹1 lakh annually.
- Maintain Employee for 6 Months Minimum Only those new employees retained for at least 6 months will qualify for the incentive.
- PAN-Linked Bank Account: Ensure your business account is linked to your PAN to receive the incentive.
- Submit Employee Details: Likely, employers will need to submit periodic data on new hires and job retention through the EPFO or designated government portal.
Where to Apply (Once active):
- EPFO Portal: https://www.epfindia.gov.in
- Or through a dedicated portal announced for the scheme (TBD).
Aishwarya is a journalism graduate with over three years of experience thriving in the buzzing corporate media world. She’s got a knack for decoding business news, tracking the twists and turns of the stock market, covering the masala of the entertainment world, and sometimes her stories come with just the right sprinkle of political commentary. She has worked with several organizations, interned at ZEE and gained professional skills at TV9 and News24, And now is learning and writing at NewsX, she’s no stranger to the newsroom hustle. Her storytelling style is fast-paced, creative, and perfectly tailored to connect with both the platform and its audience. Moto: Approaching every story from the reader’s point of view, backing up her insights with solid facts.
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