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In a world of growing competition,landing an adequate job and making a decent living might seem like a challenge.So the Government launched PM Rojgar Protsahan Yojana keeping this problem in mind.It aims at connecting employers with employees for new job creation.In addition, it employs semi-skilled and unskilled workers in India.
Are you wondering how to find a job and make a proper living while handling the growing expenses?Then, let us find out all about PMRPY, which can help you with that!
The Indian Government designed the PM Rojgar Protsahan Yojana to reduce unemployment in India.For this, the Government shall incentivise employers and create new employment.Therefore,the employers registered under the Employees' Provident Fund Organisation(EPFO)will receive EPS(Employee Pension Scheme)and EPF(Employees’ Provident Fund)for the initial 3 years spanning employment of a candidate coming from the PMRPY scheme.Thus, if you wonder what PMRPY means,it is a government scheme related to unemployment eradication.
The two purposes of this scheme include encouraging job creations on the employers' part and creating larger employment benefits for unemployed workers.The introduction of this scheme took place in the Union Budget of 2016-17 with ₹1000 crores worth of investment,aiming at contributing to the EPS for the first three years of the employment of new applicants.The contribution amount was recently increased with the amendment from 8.33% to 12%.The target audience of Pradhan Mantri Rojgar Protsahan Yojana mainly included workers earning wages lower than ₹15,000 monthly.
The PM Rojgar Protsahan Yojana has been a popular scheme in light of increasing job demands across India.While the ultimate purpose of this scheme is to eradicate unemployment issues, some of its short-term objectives are as follows.
The Indian Government shall be responsible for contributing to EPF and EPS amounts for the first three years of the employment of applicants.The Government shall be liable to pay 12% for the Employees' Provident Fund (EPF) and Employees' Pension Scheme (EPS) for the first three years of their employment.This scheme exempts employees from paying their EPF in this period, while employers will not have to contribute to the EPS amount.However, this will only apply for the first three years, considering the employee stays in the same company for the period.
The burning unemployment issues have been bugging the Indian citizens for a long time.The central Rojgar Protsahan Yojana is a way of addressing it.With the help of this, employees get to learn about new job opportunities and avoid EPF payments for a long time. Moreover, the employers can save the amounts spent on EPS and fill their vacant positions quickly with the help of this scheme.
A significant feature of the PM Rojgar Protsahan Yojana is to provide workers with employment status.The Government requires organisations to possess a Labour Identification Number (LIN).It is a unique identification number that the Ministry of Labour issues to employers to simplify business regulations.It enables businesses to submit returns and get their registrations done from a single online window of Shram Suvidha Portal.
The PM Rojgar Protsahan Yojana requires an applicant to possess a Universal Account Number (UAN). The Ministry of Labour and Employment normally issues this number and is then the responsibility of the Employees' Provident Fund Organisation (EPFO) to appoint them.It is a unique identification number helpful in keeping your money, assets and information safe.It also helps to simplify PF transactions for PMRPY applicants.
Thus, it is evident that PM Rojgar Protsahan Yojana can be of immense help to the target audience in terms of making a decent living.Announced in August 2016, the scheme has made quick progress in a short span. As of 2018-19, about 69,49,436 beneficiaries were enrolled with EPFO under the PMRPY scheme.
While learning more about this scheme, a question might arise regarding the PMRPY eligibility.The following factors are essential when considering beneficiaries under PM Rojgar Protsahan Yojana.
For understanding details of PMRPY scheme guidelines, one should consider its facilities and benefits.
Thus, there can be several benefits of this scheme.If you qualify with its eligibility criteria, you can also apply to PM Rojgar Protsahan Yojana and enjoy its benefits.However, you should be able to apply for the scheme successfully.Check out the following section to learn the procedure.
The following steps will be mandatory for applying under PM Rojgar Protsahan Yojana.
Employers need to visit the official website of PMRPY and log in with their LIN or EPFO ID.They should specify the job details and position for the employees.After getting employed, you will have to submit your ECR (Electronic Challan–Cum–Return) under EPFO.You will also require an online statement from your employer to prove your new employee status.
The following documents should be presented while applying for the PMRPY scheme.
Therefore, hopefully, now you know all about the PM Rojgar Protsahan Yojana.Applying for this scheme can help you find a job and make a decent living if you fall under the required eligibility criteria.Moreover, it can help you cut down some competitive pressure and save your EPF account for a significant period.
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Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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