Good news for all the job seekers in India as Indian government is planning to create 1 crore new job opportunities by bearing the whole 12 percent of basic salary that employers are mandated to make towards benefits for the initial three years for new employees.
The Cabinet Committee on Economic Affairs, led by Prime Minister Narendra Modi, yesterday endorsed installment for the whole 12 for every penny commitment for initial three years for new staff.
“Our central government are trying each and every effort night and day and purely is focused on making employment generation and new opportunities. The plan which was executed in 2016 had an arrangement for the administration to pay for 8.33 for every penny of the benefits commitment by employers.
“We have further expanded the scope of the scheme. It has been decided that for apparel, garment and textile industry, the full 12 per cent of the employers’ pension contribution will also be borne by government,” Labour Minister Santosh Kumar Gangwar said at a briefing today.
Since the dispatch of plan in August 2016, Pradhan Mantri Rojgar Protsahan Yojana (PMRPY), upwards of 30 lakh workers have as of now profited, he said.
“We feel that the administration’s choice will help make 1 crore new employments, and we will build spending plan provisioning by about Rs 6,500-Rs 10,000 crore under this plan,” he said.
Representatives, who are as of now receiving the reward of the 8.33 for each penny annuity commitment, will be refreshed to the 12 for every penny section for the rest of the time of their initial three years, Gangwar said.
The central government bears 8.33 per cent employers’ contribution to the Employees’ Pension Scheme (EPS) for new workers under PMRPY.
Workers who have joined on or after first April 2016, having another Universal Account Number (UAN) with pay up to Rs 15,000 every month, are secured under this plan.