New Delhi (March 29)-: The government will give its full contribution of the part of the employer in the provident fund of newly-created workers for three years. This contribution will be 12 percent of the basic salary. Now the Government expects that this will help in achieving the goal of generating 10 million jobs.
Under the chairmanship of Prime Minister Narendra Modi, the Cabinet Committee on Economic Affairs approved this proposal on Wednesday. Under this, the government will take the burden of 12 percent contribution by the employers in the provident fund of newly recruited workers in the industry for the first 3 years. Hopefully this will encourage employers to recruit new recruits.
Labor Minister Santosh Kumar Gangwar gave this information on Thursday. He said that our government is committed to creating new employment opportunities. Under the scheme implemented in 2016, the government pays 8.33 percent of the amount to be paid by employers in the pension item. We have expanded the plan. It has been decided that the government will bear 12 percent contribution in apparel, textiles and textile sector.
He said that 30 lakh workers have already benefited from the ‘Prime Minister’s Employment Incentive Scheme’ after the launch in August 2016 and we feel that the government’s decision will help in generating 10 million jobs. We will increase the budget provision for this scheme to 6,500-10,000 crores. The employees come under this scheme who have been employed after 1 April 2016 and their salary is Rs 15,000 per month.
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