Why in the News?
The Employment Linked Incentive (ELI) Scheme has been officially launched as the PM Viksit Bharat Rozgar Yojana (PM-VBRY), effective from 1st August 2025.
About PM Viksit Bharat Rozgar Yojana (PM-VBRY):
- Objective: Promote formal employment and inclusive job creation.
- Outlay: ₹99,446 crore (Aug 2025 – July 2027).
- Aim: 3.5 crore new jobs, including 1.92 crore first-time entrants into the workforce.
- Focus: Expanding EPFO coverage and supporting Viksit Bharat vision.
- Sectoral Coverage: Open to all sectors, with special focus on manufacturing for long-term growth.
Key Features:
- Incentives for Employees
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- Eligible: First-time EPFO-registered workers earning ≤ ₹1 lakh/month.
- Benefit: 1-month EPF wage (max ₹15,000) in two parts — after 6 and 12 months.
- Condition: Completion of a financial literacy programme; Part of the amount is locked in a savings scheme.
- Incentives for Employers
-
- Applies to: New hires with salary ≤ ₹1 lakh/month.
- Minimum hires: 2 (if firm <50 employees), 5 (if ≥50).
- Incentive per employee/month:
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- ₹1,000 (wages ≤ ₹10,000)
- ₹2,000 (₹10,001–₹20,000)
- ₹3,000 (₹20,001–₹1 lakh)
- Manufacturing sector: Extended benefits for 3rd & 4th years.
- Payment Mechanism
- To employees: Direct Benefit Transfer via Aadhaar-based system.
- To employers: Paid to PAN-linked bank accounts.
| [UPSC 2024] With reference to the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) Yojana, consider the following statements:
1. The entry age group for enrolment in the scheme is 21 to 40 years 2. Age specific contribution shall be made by the beneficiary 3. Each subscriber under the scheme shall receive a minimum pension of ₹ 3,000 per month after attaining the age of 60 years 4. Family pension is applicable to the spouse and unmarried daughters Options: (a) 1 and 4 (b) 2 and 3* (c) 2 only (d) 1,2 and 4 |
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