Aatmanirbhar Bharat Rozgar Yojana (ABRY)
The Aatmanirbhar Bharat Rozgar Yojana (ABRY), a government initiative aimed at boosting employment, has successfully surpassed its initial goals in generating employment opportunities.
GS-02 (Government policies and intervention)
- The core objective of the Aatmanirbhar Bharat Rozgar Yojana (ABRY) was to invigorate the creation of fresh job prospects by offering financial aid to employers of entities registered under the Employees’ Provident Fund Organization (EPFO).
- This scheme had a twofold purpose: to encourage the hiring of jobless individuals, including those who faced unemployment due to the pandemic, and to provide coverage for both employer and employee contributions (equal to 24% of wages) for establishments accommodating up to 1000 workers. However, for entities harboring more than 1000 employees, solely the employee’s EPF contributions (amounting to 12% of wages) were catered to for new recruits.
- As of the present, a grand total of 1,52,380 establishments have participated in this endeavor, effectively employing a commendable tally of 60,44,155 fresh workers.
- These establishments have adhered to all the prescribed eligibility criteria, which has enabled them to access the scheme’s benefits.
- The Aatmanirbhar Bharat Rozgar Yojana (ABRY) has succeeded in propelling employment growth by catering to both employee and employer contributions.
- It has alleviated the financial burden that employers often face when contemplating new hirings.
- This move not only stimulates job creation but also fuels economic momentum by enhancing the overall purchasing power of the workforce.
- Establishments housing up to 1000 employees receive comprehensive coverage of both employee and employer contributions. This provision removes roadblock for these businesses, empowering them to expand their workforce without being stifled by excessive financial commitments.
- On the other hand, larger entities with over 1000 employees receive partial support, focusing mainly on the employee’s EPF contributions. This approach reflects a balanced strategy, encouraging growth across establishments of varying sizes.