In a bid to stimulate job creation, the Centre has launched a new scheme calledAtmanirbhar Bharat Rozgar Yojana(ABRY), which will provide financial assistance to those companies that recruit unemployed people, especially those who lost their jobs between March 2020 and September 2020.
Under the ABRY scheme, the Centre will pay both the employees and employers share (12% of wages each) under the EPF and MP Act, 1952, or only the employees share, depending on the EMPLOYMENT strength of the establishment, directly to theUniversal Account Numberof eligible employee maintained by theEPFO.
The scheme is part of theAtmanirbhar Bharat3.0 package and will remain open up to June 30. The benefit shall be available for a period of twenty-four months from date of registration of new employee, not later than June 2023.