new Delhi. The Union Cabinet on Wednesday approved the Self-Employed India Employment Scheme to encourage the creation of new employment opportunities during the Kovid recovery phase under the Self-Reliant India Package 3.0. The Cabinet has approved expenditure of Rs 1,584 crore for the current financial year and Rs 22,810 crore for the entire plan period – 2020-2023.
Under the scheme, the Center will provide subsidy in respect of new employees on or after October 1, 2020 for two years and till June 30, 2021.
The government will pay 12 percent of the employees ‘contribution to the EPF and 12 percent of the employers’ contribution, ie 24 percent of the salary, in relation to new employees in establishments that employ 1,000 employees for two years.
In addition, the Center will pay the employees’ share of EPF contribution, 12 percent of wages, in relation to new employees in establishments that employ more than 1,000 employees for two years.
Employee taking a monthly wage of less than Rs 15,000, who was not working in any of the establishments registered with the Employees Provident Fund Organization (EPFO) before October 1, 2020 and a Universal Account Number or EPF Member Account before October 1, 2020 Number was not, will be eligible for benefits.
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