About Aatmanirbhar Bharat Rozgar Yojana:
- It was launched in 2020.
- This was designed to stimulate the creation of new job opportunities by extending financial support to employers of establishments registered with the Employees' Provident Fund Organization (EPFO).
- This scheme aimed to incentivise employment of unemployed individuals, including those who lost their jobs due to the pandemic, by covering both the employee and employer contributions (24% of wages) for establishments with up to 1000 employees.
- For establishments with over 1000 employees, only the employee's EPF contributions (12% of wages) were covered in respect of new employees.
- As of July 31, 2023, the ABRY has already achieved an enrolment of over 7.58 million new employees, surpassing its initial employment generation target.
- Significance: It substantially contributed to the job market's revival, underscoring its role in boosting economic recovery during these challenging times.
Key Facts about Employees' Provident Fund Organization
- It is a statutory body that came into existence under the Employees’ Provident Fund and Miscellaneous Provisions Act of 1952.
- The Act and Schemes framed there under are administered by a tripartite Board known as the Central Board of Trustees, Employees' Provident Fund, consisting of representatives of Government (Both Central and State), Employers, and Employees.
- The Board administers a contributory provident fund, a pension scheme, and an insurance scheme for the workforce engaged in the organised sector in India.
- The Board is assisted by the Employees’ PF Organization (EPFO), consisting of offices at 122 locations across the country.
- The EPFO is under the administrative control of the Ministry of Labour and Employment, Government of India.
