Prime Minister Narendra Modi
– Photo: ANI (File)
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According to an official statement, about 58.5 lakh employees are expected to get benefits in this plan period. Under this, the Center will provide subsidy for two years to all new employees involved on or after October 1, 2020 and till June 30, 2021. In employment provider organizations that have 1000 employees, the central government will contribute 12 per cent employee contribution and 12 per cent employer contribution (both) to the EPF for 24 per cent of salary allowances for two years.
In organizations where there are more than 1000 employees, the center will contribute only 12% of the employees in the EPF for two years in respect of new employees. A worker whose monthly salary is less than Rs.15 thousand and was not working in any institution which was registered with the Employees Provident Fund Organization (EPFO) before October 1, 2020 and has a Universal Account Number or EPF before this period If he did not have an account, he would be eligible for this scheme.
Any EPF member who has a universal account number and his monthly salary is less than Rs 15,000 and if he has left his job during the Kovid epidemic between March and September this year and is in any employment provider institution falling under the ambit of EPF If there is no employment till September, then he is also eligible to take advantage of this scheme. EPFO will pay this contribution electronically to the account linked to the Aadhaar number of the members.
The statement issued by the government said that EPFO will develop a software for this scheme and a transparent and accountable process will also be adopted. According to the statement, the EPFO will adopt an appropriate way to ensure transparency and accountability in the scheme so that the benefits of ABRY and any other scheme implemented by the EPFO do not overlap.