Cabinet approves Atmanirbhar Bharat Rojgar Yojana (ABRY)

The Union Cabinet has given its approval for Atmanirbhar Bharat Rojgar Yojana (ABRY) to boost employment in formal sector by encouraging the businesses to do fresh hiring amid the pandemic.
ABRY will also incentivize creation of new employment opportunities under Atmanirbhar Bharat Package 3.0.
Cabinet has approved an expenditure of Rs.22,810 crore for the Scheme.
The ABRY will run from 2020-2023.
Rs. 1,584 crore has been earmarked for the current financial year 2020-21 for the scheme.

Key incentives under the Scheme:

Government will provide subsidy for two years in respect of new employees engaged on or after 1st October, 2020 and upto 30th June, 2021
Government will pay both 12% employees’ contribution and 12% employers’ contribution i.e. 24% of wages towards EPF in respect of new employees in establishments employing upto 1000 employees for two years,
Government will pay only employees’ share of EPF contribution i.e. 12% of wages in respect of new employees in establishments employing more than 1000 employee for two years.

Source: PIB