Aatmanirbhar Bharat Rozgar Yojana (ABRY) | 02 Sep 2023

Source: PIB

Why in News?

The Aatmanirbhar Bharat Rozgar Yojana (ABRY) has surpassed its initial employment generation targets, demonstrating its effectiveness in promoting job creation and aiding the recovery efforts amidst the Covid-19 pandemic.

What is Aatmanirbhar Bharat Rozgar Yojana (ABRY)?

• About & Aim:
  • The ABRY came into effect on October 1, 2020, with the primary goal of stimulating the creation of new job opportunities.
  • It achieved this by offering financial assistance to employers of enterprises registered with the Employees' Provident Fund Organisation (EPFO).
  • The scheme specifically aimed to incentivise the employment of individuals, including those who had lost their jobs due to the pandemic.
  • It covered both employee and employer contributions, equivalent to 24% of earnings, for businesses employing up to 1000 workers.
  • For larger firms with over 1000 employees, the scheme covered only the employee's EPF payments, equivalent to 12% of salaries.
• Achievements:
  • As of July 31, 2023, the ABRY exceeded its initial employment generation target by enrolling approximately 7.58 million new employees.
• Significance:
  • The initiative has played a significant role in reviving the job market, contributing to the broader economic recovery during the pandemic.