Saturday, July 16, 2016

Pradhan Mantri Rojgar Protsahan Yojana

  1. Launched in Union Budget 2016-17, it is a pension scheme contribution in a bid to create more formal sector jobs
  2. The scheme will be applicable for the new employees, earning Rs.15,000 a month, who have worked for 240 days during a year in an establishment
  3. About 3.5 lakh establishments, which hire more than 20 workers, will be covered under the scheme
  4. Govt will pay 8.33% of wages to Employees Pension Scheme (EPS) on behalf of employers for workers during first three years of employment
  5. For this, an allocation of Rs.1,000 crore had been made in the Budget
  6. Reimbursement: The payment of the EPS contribution will be in the form of reimbursements to employers
  7. Regulatory fear: It will increase regulation in the labour market which firms would not prefer as there will be increased scrutiny of their books

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