Updated By: LatestGKGS Desk
CCEA Approved Enhancing Of PMRY Scheme
CCEA Approved Enhancing Of PMRY Scheme- Details, Features, Benefits
The Cabinet Committee on Economic Affairs (CCEA) governed by PM Narendra Modi, on 28th March 2018 has approved the proposal of enhancing the scope of Pradhan Mantri Rojgar Protsahan Yojana (PMRPY).
Under the approval, Government of India will now grantemployer’s full admissible contribution for the first 3 years from the date of registration of new employee for all sectors including existing beneficiaries for their remaining period of 3 years.
The approval will also benefit the informal sector workers as the will get social safety net and result in more job employment.
Till date, the PMRPY scheme has furnished relatively encouraging results and has added about 31 Lakhs beneficiaries to formal employment involving the expenditure of more than Rs. 500 crores.
The PMRPY scheme is being operated since August 2016. Under this scheme, the central government is paying 8.33% of the contribution of Employers to the Employees' Pension Scheme (EPS) in respect of new employees (who have joined on or after 1st April 2016) having a new Universal Account Number (UAN), with salary up to Rs 15,000/- per month.
The PMRPY scheme has a dual benefit as on the one hand, the employers are incentivized for increasing the employment base of workers in the establishments, and on the other hand, a large number of workers will find jobs in such establishments.
Under the PMRPY scheme, a direct benefit is that these workers will have access to social security benefits of the organised sector.
