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<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

<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>

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

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