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<ul><li>The Union Cabinet had approved the <keyword id="10403683" type="UNKNOWN" weightage="20" keywordseo="atmanirbhar-bharat-rojgar-yojana">Atmanirbhar Bharat Rojgar Yojana</keyword> at an expenditure of ₹22,810 crore for two years. </li><li>Under this new employment scheme, the government will provide both employee and employer contributions to the retirement fund for new hires for two years.</li><li>This subsidy will be eligible for new employees engaged on or after October 1. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>The Union Minister Santosh Kumar Gangwar at cabinet briefing said the Union Cabinet had approved the Atmanirbhar Bharat <keyword id="638835" type="PERSON" weightage="20" keywordseo="Rojgar-Yojana">Rojgar Yojana</keyword> at an expenditure of ₹1,584 crore for the current financial year. The scheme will cost ₹22,810 crore to the government for the entire period of 2020-2023 and aims to benefit around 58.5 lakh employees in the country. <div type="twitter" handle="PIB_India" handlename="PIB India" image="http://pbs.twimg.com/profile_images/1313803439340548097/jcQYJdhp_normal.jpg" favoritecount="214" retweetcount="65" status="📡LIVE NOW📡#Cabinet briefing by Union Ministers @PrakashJavdekar, @rsprasad and @santoshgangwar… https://t.co/aic3trQbp0" createdat="1607506554000" id="1336605482685886464"></div> Under this new employment scheme, the government will provide both employee and employer contributions to the retirement fund for new hires for two years, Labour Minister Gangwar said. The ministry will notify rules for the scheme soon, which is applicable for enterprises having up to 1000 employees and are creating new jobs. For the enterprises having more than 1000 workers, the reimbursement will be restricted to 12% of the employees contribution only. Who benefits from this scheme? <ul><li>Any new employee joining employment in the EPFO registered establishments with monthly wages less than ₹15,000.</li><li>EPFO members drawing monthly wages of less than ₹15,000 who exited employment during COVID-19 pandemic from March 1 to September 30 and had been hired on or after October 1, 2020. </li></ul>Benefits for companies registered with EPFO The central government will give the subsidy for two years for new eligible employees engaged on or after October 1 at the following scale. <ul><li>Establishments employing up to 1,000 employees will get a contribution of 12% of employee wages and 12% as employers contributions, totalling up to 24% of wages. </li><li>For establishments employing over 1000 employees, only 12% of wages of the employees will be given. </li></ul>Here’s the eligibility criteria for companies to obtain benefits under this scheme To avail of benefits under this scheme, organisations with fewer than 50 employees will have to hire at least two employees. And those with more than 50 employees will have to hire five or more employees. SEE ALSO: <a href="https://www.businessinsider.in/india/news/farmers-protest-talks-between-amit-shah-and-farmer-leaders-fail-sixth-round-of-talks-uncertain/articleshow/79635770.cms" data-type="tilCustomLink">Farmers' protest: Talks between Amit Shah and farmer leaders fail — sixth round of talks uncertain</a> <a href="https://www.businessinsider.in/finance/banks/news/supreme-court-told-that-blanket-waiver-of-moratorium-loans-would-take-6-lakh-crore-and-wipe-out-the-net-worth-of-banks/articleshow/79636002.cms" data-type="tilCustomLink">Supreme Court told that blanket waiver of moratorium loans would take ₹6 lakh crore and wipe out the net worth of banks</a>

Atmanirbhar Bharat Rojgar Yojana — India's new employment scheme will cost the government ₹22,810 crore

<ul><li>Under the <keyword id="10263868" type="UNKNOWN" weightage="20" keywordseo="atmanirbhar-bharat-rozgar-yojana-scheme">Atmanirbhar Bharat Rozgar Yojana scheme</keyword>, the central government will provide subsidy for new employees in establishments up to 1000 employees.</li><li>The PF amount will be credited upfront in the Aadhaar-seeded EPFO accounts of the eligible new employee, said India’s <keyword id="6355261" type="UNKNOWN" weightage="20" keywordseo="finance-minister">Finance Minister</keyword> Nirmala Sitharaman.</li><li>Here’s the eligibility criteria for companies to avail benefits under this scheme</li></ul>Finance Minister Nirmala Sitharaman in her press conference today (November 12) announced the <keyword id="10263642" type="UNKNOWN" weightage="20" keywordseo="Atmanirbhar-Bharat-Rozgar-Yojana">Atmanirbhar Bharat Rozgar Yojana</keyword> for the benefit of the members of employees provident fund Organization (EPFO). The announcement came as a part of the third stimulus package aimed at helping the COVID hit Indian economy. <div type="Article" hostid="261" msid="79187044" title="Diwali stimulus: Highlights from Finance Minister Nirmala Sitharaman's press conference" mstype="2" mssubtype="0"></div> The finance minister said under this scheme, every establishment that is registered with the EPFO will be incentivised to hire people who were not registered with EPFO earlier as well as those who lost their jobs between March 1, 2020 to September 30, 2020. Under the scheme, the central government will give a subsidy for new employees for establishments with up to 1000 employees. The PF amount will be credited upfront in the Aadhaar-seeded EPFO accounts of the eligible new employee, Sitharaman said. Who will be benefited by this? <ul><li>Any new employee joining employment in the EPFO registered establishments with monthly wages less than ₹15,000.</li><li>EPFO members drawing monthly wages of less than ₹15,000 who exited employment during COVID pandemic from March 1 to September 30 and had been hired on or after October 1, 2020. </li></ul>Benefits for companies registered with EPFO The central government will give the subsidy for two years in respect of new eligible employees engaged on or after October 1 at the following scale. <ul><li>Establishments employing up to 1,000 employees will get a contribution of 12% of employee wages and 12% as employers contributions, totalling up to 24% of wages. </li><li>And, for establishments employing over 1000 employees, only 12% of wages of the employees will be given. </li></ul>Here’s the eligibility criteria for companies to obtain benefits under this scheme To avail benefits under this scheme, the organisations with fewer than 50 employees will have to hire at least two employees, and those with more than 50 employees will have to hire five or more employees. "A large number of organizations have put off their hiring plans this year because they are wary of taking up fresh monetary commitments. The government's pledge to bear the EPFO contributions of new employees will encourage many organizations to resurrect their recruitment plans,"Vivek Bindra, founder of New Delhi-based Bada Business. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/indian-government-approves-the-pli-scheme-for-10-sectors/articleshow/79172901.cms" data-type="tilCustomLink">Indian government approves the Production Linked Incentive scheme for 10 sectors worth ₹2 lakh crore</a> <a href="https://www.businessinsider.in/business/corporates/news/spicejet-shrink-its-losses-to-112-59-crore-in-the-second-quarter-ended-september-30/articleshow/79172678.cms" data-type="tilCustomLink">Spicejet is losing one rupee where it was losing four thanks to cheaper fuel and cut in rentals</a>

Atmanirbhar Bharat Rozgar Yojana: FM announces benefits for EPFO-registered firms hiring new employees — centre to bear PF for new employees

Here's the break up of India's $35 billion Diwali stimulus⁠— from income tax relief for home buyers to incentives for formal jobs

<ul><li>The Finance Ministry has increased the threshold limit for the difference between the transaction value and the circle rate to 20% from the current 10%. </li><li>This means under a circle rate of ₹1.2 crore, <keyword id="6371902" type="UNKNOWN" weightage="20" keywordseo="home-buyers">home buyers</keyword> can buy a house of upto ₹1.5 crore rather than just ₹1.33 crore to avail the tax benefits.</li><li>This is the second time that the government has revised the limit — the first was in February when the differential was increased from 5% to 10%.</li></ul>With the prices of homes falling and mortgages being lower than ever, the Finance Ministry has announced <keyword id="422910" type="PERSON" weightage="20" keywordseo="income-tax-relief">income tax relief</keyword> for home buyers and developers. “There’s a lot of inventory, we’re told, in the real estate sector,” said Finance Minister Nirmala Sitharaman during today’s press conference on November 12. <div type="Article" hostid="261" msid="79187044" title="$35 billion Diwali stimulus: Highlights from Finance Minister Nirmala Sitharaman's press conference" mstype="2" mssubtype="0"></div> The government has increased the threshold limit for the difference between the transaction value and the circle rate to 20% from the current 10%. This is the second revision of the limit done by India. The first was in February when the differential was increased from 5% to 10%. What is circle rate and why should I care? Right now, if there is a difference between the cost of the home and the circle rate set by the government. If that difference is more than 10%, any excess income is accounted for as the buyer’s income. Since it comes into the income basket, it is also taxed at the same nominal rates. But going forward, for homes under the price of ₹2 crore, this differential will be increased from 10% to 20% for next seven months, until 30 June 2021. This means that if for instance, if the circle rate is ₹1.2 crore, the price of the home can’t be more ₹1.5 crore for buyers to remain within the 20% differential. Had the limit been 10%, the choice of purchasing a home would be limited to around ₹1.33 crore. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Circle rate (assumed) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Home price (assumed) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2 crore </td></tr></tbody></table> <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Existing policy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New policy </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Excess allowed </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹20 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Taxable amount </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹90 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹80 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tax (assuming a rate of 30%) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.7 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.4 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Savings </td><td colspan="2" style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹30,000 </td></tr></tbody></table> However, it’s important to note that property prices, circle rates or even demand trends are not uniform across the country. So cities are witnessing better growth which allows for higher prices, while others are lagging behind and will have more to benefit from under the new limit. What’s in it for the developers? It's also a boon for developers, because they can now offer their property at lower rates than the prevailing circle rates. This allows them to monetise any idle assets they haven’t been able to move yet. Clearing their existing inventory in turn allows developers to generate more liquidity to start up new projects or clear liabilities on existing ones. "The <keyword id="6354751" type="UNKNOWN" weightage="20" keywordseo="income-tax">income tax</keyword> relief will ensure tremendous liquidity into the market and the measures will incentivize people to buy homes and is a win-win situation for both developers and home buyers. The reduction in bank guarantees for construction activity will also ensure availability of additional liquidity providing major relief to the industry." Lincoln Bennet Rodrigues, Founder and Chairman, Goa-based Bennet &amp; Bernard Group said. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/diwali-stimulus-highlights-from-finance-minister-nirmala-sitharaman-press-conference-on-atmanirbhar-bharat-programme/articleshow/79187044.cms">Diwali stimulus: Highlights from Finance Minister Nirmala Sitharaman's press conference</a> <a href="https://www.businessinsider.in/policy/economy/news/atmanirbhar-bharat-indian-fm-nirmala-sitharaman-shared-the-progress-of-the-atmanirbhar-abhiyaan/slidelist/79187890.cms">Atmanirbhar Bharat: Indian government’s report card on the implementation of the COVID stimulus so far</a> <a href="https://www.businessinsider.in/finance/news/what-is-atmanirbhar-bharat-rozgar-yojana-scheme-and-what-is-benefits-of-employees-and-companies/articleshow/79188487.cms">Atmanirbhar Bharat Rozgar Yojana: FM announces benefits for EPFO-registered firms hiring new employees — centre to bear PF for new employees</a>

India offers income tax relief for home buyers and developers to boost new property sales

PSU bank employees wage revision finalised after three years of waiting — only a ₹1,100 increase in salary for officers

<ul><li>Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> addressed the nation as the <keyword id="6363932" type="ORGANIZATION" weightage="20" keywordseo="confederation-of-indian-industry">Confederation of Indian Industry</keyword> (<keyword id="6358345" type="ORGANIZATION" weightage="20" keywordseo="cii">CII</keyword>) celebrated its 125th anniversary. </li><li>“India will get its growth back,” said Modi expressing the importance of Atmanirbhar Bharat. </li><li>Here are the highlights from his speech.</li></ul>“India will get its growth back. There are a lot of expectations from India globally,” Prime Minister Narendra Modi said during his virtual address to members of the Confederation of Indian Industry (CII). The government organisation was celebrating its 125 year anniversary. This is PM Modi’s first speech since Unlock 1. He said he believes the capabilities and crisis management of the country. “Unlock-1 has opened up a major part of the economy. A lot more will open up after June 8. The journey of getting growth back has already begun. During the lockdown, not only did India safeguard its physical resources but also its human resources,” said PM Modi. He reasserted the importance of Atmanirbhar Bharat — self-reliant India. “The government will take whatever decisions are necessary. Some of those include measures that will help the country in the long run,” he said. Here are the top highlights from the speech: <ul><li>This is the biggest strength of human beings that they know how to make their way out of a difficult situation. Today, while we have to take strict steps to fight the virus, we also have to take care of the economy. </li><li>On one hand, we have to take care of the lives of the citizens of this country, whereas we also have to stabilise and speed up the economy of this country. </li><li>I would go beyond “getting growth back”. Yes, we will definitely get our growth back. </li><li>I have faith in India’s capabilities and crisis management. I have faith in India’s talent and technology. I have India’s innovation and intellect. I have faith in India’s farmers, MSMEs Entrepreneurs. </li><li>MSME sector as well, lakhs of units, are the economic engine for the country. They contribute up to 30% to the GDP. ₹200,000 crore of global tenders have been abolished to promote smaller players. MSMEs will be the fuel going forward. </li><li>Coronavirus may have slowed down our speed, but today India has entered the ‘un-lock” phase, leaving the lockdown behind. A large part of the economy is opened in unlock-phase one. </li><li>Today, India is able to do all this because we took the right steps at the right time. If we compare India with other countries we will get to know how widespread was the effect of lockdown in India. </li><li>One of our first priorities is to re-strengthen our economy. For this, the government is taking decisions that are required immediately. Whereas, we are also making decisions that will help the country in the long run. </li><li>Pradhan Mantri Garib Kalyan Yojana has immediately helped the poor of the country. Till date, 74 crore beneficiaries were delivered free ration. </li><li>The poor have also been accorded more than ₹53 crore in financial assistance — including migrant workers, women and senior citizens. </li><li>During the lockdown, the government has distributed 8 crore gas cylinders</li><li>50 lakh employees in the private sector have been given 24% EPF contribution in their accounts by the government culminating to a total of ₹800 crore. </li><li>The government has benefited everyone including women, disabled people, elderly, and labourers. During the lockdown, the government has delivered more than 8 crore gas cylinders to the poor. </li><li>India requires 5 things to be on the path of rapid economic development: Intent, Inclusion, Investment, Infrastructure and Innovation. You will get a glimpse of all these in the bold decisions taken by the government recently.</li><li>Reforms are not random, scattered decisions; they are systemic, planned, integrated, inter-connected and futuristic processes. Reforms mean taking decisions and ensuring that they reach their logical conclusion whether that is IBC, bank mergers, GST or tax assessment. </li><li>More than all of this, the strategic sectors are also being opened up to private players. Whether it’s space, atomic energy — the possibilities are endless now.</li><li>Whether it’s mining, energy, or research and technology — every sector creates opportunities for the industry.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/lemon-tree-hotels-share-price-jumps-by-5-as-it-looks-to-raise-funds-after-80-fall-in-profit/articleshow/76148464.cms">Lemon Tree Hotels share price jumps by 5% as it looks to raise funds after 80% fall in profit</a> <a href="https://www.businessinsider.in/defense/news/china-is-a-bully-says-us-representative-on-india-china-border-issue/articleshow/76147159.cms">China is a ‘bully’ says US Representative on India-China border issue</a> <a href="https://www.businessinsider.in/india/news/india-coronavirus-news-and-updates-for-june-2-2020/articleshow/76149118.cms">India records more than 8,000 cases for the third straight day— over all tally inches closer to 2 lakh</a>

‘India will get its growth back’, says a confident PM Modi in an address to top industry leaders

Here’s how the advertising and marketing industry reacted to Union Budget 2021

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Atmanirbhar Bharat Rojgar Yojana — India's new employment scheme will cost the government ₹22,810 crore

BI India Bureau

Atmanirbhar Bharat Rozgar Yojana: FM announces benefits for EPFO-registered firms hiring new employees — centre to bear PF for new employees

Navdeep Yadav

Here's the break up of India's $35 billion Diwali stimulus⁠— from income tax relief for home buyers to incentives for formal jobs

Sriram Iyer

India offers income tax relief for home buyers and developers to boost new property sales

Prabhjote Gill

PSU bank employees wage revision finalised after three years of waiting — only a ₹1,100 increase in salary for officers

Prabhjote Gill

‘India will get its growth back’, says a confident PM Modi in an address to top industry leaders

BI India Bureau

Here’s how the advertising and marketing industry reacted to Union Budget 2021

BI India Partner

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