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Pradhan Mantri Viksit Bharat Rozgar Yojana (PMVBRY)

Why in news: PM announced Pradhan Mantri Viksit Bharat Rozgar Yojana (PMVBRY) to boost youth employment, promote job creation, and enhance employability and social security across sectors, particularly manufacturing. To facilitate employment and skilling opportunities for youth.…

Decode Civils · 1 min read
Pradhan Mantri Viksit Bharat Rozgar Yojana (PMVBRY)

Why in news: PM announced Pradhan Mantri Viksit Bharat Rozgar Yojana (PMVBRY) to boost youth employment, promote job creation, and enhance employability and social security across sectors, particularly manufacturing.

  • To facilitate employment and skilling opportunities for youth.
  • To promote job creation, enhance employability, and expand social security coverage.
  • Nodal Ministry: Ministry of Labour & Employment. Implementation: Through EPFO, statutory body under Employees’ Provident Funds & Miscellaneous Provisions Act, 1952.
  • Target: Creation of 3.5 crore jobs, including first-time employees, over two years.

Structure of the Scheme

Part A – Support to First-Time Employees

  • Objective: Targets first-time employees registered with EPFO.
  • Incentive: One-month EPF wage up to ₹15,000, given in two instalments.
    • First instalment after 6 months of service.
    • Second instalment after 12 months and completion of a financial literacy programme.
  • Eligibility: Employees earning up to ₹1 lakh per month.
  • Encouraging Savings: A portion of the incentive will be kept in a fixed savings deposit account.
  • Payment Mechanism: DBT through the Aadhaar Bridge Payment System (ABPS).
  • Employee Benefits: Job formalisation through social security coverage, On-the-job training and skill enhancement, Improved financial literacy and employability.

Part B – Incentives for Employers

  • Eligibility: Employers hiring new employees with salaries up to ₹1 lakh per month.
  • Incentive: Up to ₹3,000 per month, for two years, for each additional employment sustained for at least six months.
  • For the manufacturing sector, incentives extend to the 3rd and 4th years.
  • Incentive Mechanism: Direct transfer to PAN-linked accounts of employers.
  • Employer Benefits: Offsetting additional job creation costs, Enhancing productivity and workforce stability, Encouraging expansion of social security coverage.

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