Highlights of Atmanirbhar 3.0 related to Labour Law compliance:
Boost for Employment: Atmanirbhar Bharat Rozgar Yojana
Eligibility criteria:
1- The establishments which are registered with EPFO, if add new employees compared to reference base of employees as in September 2020 as under (a) minimum of two new employees if reference base is up to 50 employees or less; (b) minimum of five new employees if reference base is more than 50 employees.
2- The establishments which will be registering with EPFO after the commencement of the Scheme will get subsidy for all new employees. The scheme will be operational till June 30, 2021.
Who will be regarded as the new employees?
Any employee who joins EPFO registered establishments on monthly wages less than Rs. 15,000. Also, the employees with the said wages who lost their jobs during COVID-19 pandemic (1 March 2020 to 30 September 2020) and are employed on or after 1 October 2020, will be regarded as the new employees.
The Central Government will provide subsidy for two years w.r.t. new eligible employees at the below-mentioned scale:
(a) Establishments employing up to 1000 employees: Employee’s contributions will be 12% of the wages and the Employer’s contributions will also be 12% of the wages, totalling 24% of the wages.
(b) Establishments employing more than 1000 employees: Employee’s EPF contributions will be 12% of EPF wages. It is to be noted that the subsidy will be credited in Aadhaar seeded EPFO Account (UAN) of the eligible new employee.