New Delhi [India], June 30 (ANI): The Union Cabinet has given its approval for extending the date for registration of beneficiaries for availing the benefit under Aatmanirbhar Bharat Rojgar Yojana (ABRY) for another nine months.
The date has been extended from June 30, 2021 to March 31, 2022.
An official release said that following the extension, it is expected that 71.8 lakh employment will be generated in the formal sector as against the earlier projection of 58.5 lakh.
It said benefit amounting to Rs 902 crore has been given to 21.42 lakh beneficiaries through 79,577 establishments under ABRY till June 18 this year.
The estimated expenditure of the scheme including the expenditure for the proposed extended period of registration will be Rs 22,098 crore.
This scheme is being implemented through Employees Provident Fund Organization (EPFO) to reduce the financial burden of the employers of various sectors and industries and to encourage them to hire more workers.
Under ABRY, establishments registered with EPFO and their new employees drawing monthly wages of less than Rs 15,000 are being benefited if the establishment recruits new employees or those who lost their job between March 1 to September 30 last year.
Under ABRY, the Centre is crediting for a period of two years both the employees' and employers share' (24 per cent of wages) or only the employees' share (12 per cent of wages), depending on the strength of EPFO registered establishments.
ABRY was announced as one of the measures under the Aatmanirbhar Bharat 3.0 package to boost the economy and increase employment generation in the formal sector during post-COVID recovery phase.
The release said the scheme will minimize the impact of COVID-19 pandemic on the country's economy, ameliorate the hardship faced by low paid workers and provide incentive to employers for restarting and expanding business activities. (ANI)