In an impressive milestone for India’s employment sector, the Aatmanirbhar Bharat Rozgar Yojana (ABRY) has surpassed its employment generation target, marking a significant success in fostering job creation and aiding recovery during the COVID-19 pandemic.
Launched on October 1, 2020, the ABRY was strategically designed to spur new job opportunities by providing financial support to employers of establishments registered with the Employees’ Provident Fund Organization (EPFO). The scheme was particularly aimed at encouraging the employment of individuals who were unemployed, including those who lost their jobs due to the pandemic. It achieved this by covering the employee and employer contributions (24% of wages) for establishments with up to 1000 employees. For larger establishments with over 1000 employees, the scheme covered only the employee’s EPF contributions (12% of wages) for new employees.
Originally set to remain open for registrations until March 31, 2022, the ABRY had set an ambitious target to benefit approximately 7.18 million employees across the country. By July 31, 2023, this target was not only met but exceeded, with over 7.58 million new employees enrolled in the scheme.
A total of 1,52,380 establishments, employing 60,44,155 new employees, met all the eligibility conditions and availed benefits totaling Rs. 9,669.87 Crore under the ABRY scheme. This substantial contribution has been pivotal in the revival of the job market, underlining the scheme’s role in boosting economic recovery during challenging times.
This achievement is a testament to the government’s commitment to mitigating the employment challenges posed by the pandemic and underscores the effectiveness of targeted incentive schemes in stimulating the job market.