PRIME MINISTER'S EMPLOYMENT INCENTIVE SCHEME (PMRPY) !

Prime Minister's Employment Incentive Scheme (PMRPY)

PRIME MINISTER'S EMPLOYMENT INCENTIVE SCHEME (PMRPY) !
PRIME MINISTER'S EMPLOYMENT INCENTIVE SCHEME (PMRPY) !

scheme has been prepared to encourage employers to create new jobs, where the Government of India will pay the contribution of full employer for EPF and EPS (new employment only towards EPS ).

This scheme has a double benefit, where on one hand, employers are encouraged to increase the employment of workers in the establishment, and on the other hand, a large number of workers will get employment in such establishments.

A direct benefit is that these workers will gain access to the social security benefits of the organised sector.
ELIGIBILITY OF THE SCHEME:
All the establishments registered with the EPFO ​​can apply to avail the benefit under the following conditions:
  • The business registered with the Employees Provident Fund Organisation (EPFO) should have a Worker Identification Number (LIN) given to them under the Labor Facility .
  • Eligible employers should have hired new employees in their establishment. The new employee should have a universal account number (linked to the base) after 01.04.2016 and he has never worked in the registered establishment in any EPFO ​​in the past.                                                                                                                                                                                              In order to avail the benefits under the scheme, the new employee should earn 15,000 rupees per month, no benefit is available in the scheme for the employees who earn more than that.
  • To become registered with the EPFO ​​for the new establishment in existence, after April 1, 2016, then in that case the employer can avail the PMRPY benefits for all new employees.

  • Employers will continue to receive 8.33% EPS contributions paid by the government for these new employees for the next 3 years, at the time of taking a new UAN from the date of acquisition or 09.08.2016, whichever is later, provided they Also continue the employment in the EPFO ​​registered establishment.                                                                                                                                                                                                                                              Similarly 3.67% EPF contribution will also get government assistance. 8.33% EPS and 3.67% EPF will be paid by the government after this, when the employer has contributed 12% EPFO ​​contributions with EPFO.

       thanks for the time .




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