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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

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

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