Ministry/Department : Ministry of Labour and Employment
Objective is to promote employment generation
Scheme:
- Central Government will be paying the 8.33% EPS contribution of the employer for the new employment. New Changes: The Central Government will now contribute Employer’s full admissible contribution for first 3 years from date of registration of new employee for all sectors including existing beneficiaries for their remaining period of 3 years.
- All industries registered with Employees’ Provident Fund Organization (EPFO) can apply for availing benefits under the scheme.
- It is for new employees (joined on or after 1st April 2016) having new Universal Account Number (UAN).
- It is targeted for employees earning wages less than Rs. 15,000/- per month.
- The scheme will be in operation for a period of 3 years and GOI will continue to pay and all new eligible employees will be covered till 2019-20.