FM Announces New Employment Generation Scheme

Finance Minister Nirmala Sitharaman on Thursday announced a new job creation scheme by giving subsidy to those establishments that make new hires.

The subsidy would be to cover for retirement fund contributions by employees as well as employers for two years, she said.

Employees contribution (12 per cent of wages) and employer’s contribution (12 per cent of wages) totalling 24 per cent of wages would be given to establishments for two years, she said.

Under the Aatmanirbhar Bharat Rozgar Yojana, every Employees’ Provident Fund Organisation (EPFO)-registered establishment taking new employees would get this subsidy.

Source: Inventiva

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