Aatm Nirbhar Bharat 3.0

Overview

Recently finance minister Nirmala Sitharaman has made an announcement on the fresh stimulus worth Rs 2,65,080 crore for boosting the economy which has been hit by the coronavirus. In a recent press conference which was held, the finance minister made an announcement with 12 new measures and pronounced it as the Atmanirbhar Bharat 3.0. the overall price for such packages has been announced till now which has been estimated as at Rs 29,87,641. It is basically 15% of the country’s GDP. Further, sitaraman has also announced to review the employment opportunities using this scheme.

Features about the Atmanirbhar Bharat Rozgar Yojana

• This scheme is operational from October 2020 and shall last till June 2021.

• The scheme has announced the incentive of creating new employment opportunities because of the COVID recovery phase.

• The employment scheme will be more effective in offsets new employees better-growing scope to join the EPF-registered establishments

• It has been made for those people who already had such concerns in the pandemic crisis while drawing the monthly wage which shall be less than Rs 15,000.

• The central government shall even subsidize the Employees’ Provident Fund (EPF) contributions for more than 2 years.

The launch of this yojana is basically done for boosting up the employment in the formal sector and even the incentive creation for the new employment scope during the covid recovery phase under the Atma Nirbhar 3.0 Application Form. This scheme is supposed to stay operational for the period of 2020 and shall last till 2023.

Beneficiaries

• The employees who draw the monthly wage of less than 15000 and has not been working in any established which is registered with Employees’ Provident Fund Organisation before 1sdt of objective 2020 and never had Universal Account Number or EPF Member account number

• Any member of EPOF who possesses the universal account number that draws the monthly wage less than Rs.15000 monthly or made an exit from the employment during pandemic crores from 01.03.2020 to 30.09.2020.

• Any EPF member who did not join employment in any EPF covered establishment up to 30.09.2020

Benefits

• The government of India shall offer a subsidy for at least 2 years for the new employees who are engaged on or after 1st of October 2020 and shall last till 30th June 2021 and following the scale.

• There will be establishment employment of more than 1000 employees in which the contribution of the employees will be 12% of the wages while the contribution of the employer will be 12% of the wages and the overall wage shall be 24%.

• There will be an establishment that shall employ more than 1000 employees out of which only Employee’s EPF contributions will be 12% of the wages

• The support of the subsidy to get credited upfront in the Aadhar seeded EPFO account for the eligible new employee.

How to avail of the benefits stepwise?

• The employer who falls in the eligibility establishment must register the establishment using this scheme while disclosing the reference depending on the employees using the employer’s login page link that can be found on the EPFO unified portal https://unifiedportal-mem.epfindia.gov.in/. 

• Before making an operation, employers must make sure that updated ownership is filed with EPFO.

• The incident in this scheme must be then claimed using the electronic challan which is also the electronic return. The same shall then be filed not later than 60 days of the close of the certain wage month.

• Once the ECR gets uploaded within a certain time limit, the challan must show the quantum of the employer and employee contribution with regards to the new employee who shall be offered by the central government and any amount payable by the employer.

• The employer should then do the remittance of the payment due and finish up the ECR filing process.

• Along with the ECR for claiming the subsidy for any wage month, the employee needs to uploads certain declaration or certificate in the format which is offered under the guidelines of ABRY scheme

Purpose

 In order to create better job opportunities, Nirmala sitharamn who is the finance minister certainly has taken the right step with such a subsidy scheme which is Aatma Nirbhar Bharat 3.0. This scheme is made for those establishments that shall make new hiring which will even get certain especially EPF subsidy from the central government. The EPF stature subsidy will then be given for some span of two years from the date of employment during a certain span. The announcements of Atma Nirbhar Bharat 3.0 have certainly proved to be helpful for improving economic activity. This move would go quite a way to reduce the production cost which is seen in toto along with the PLI scheme.

Conclusion

With Atma Nirbhar 3.0 Application Online Apply scheme like this at least more employment opportunities shall come up. It would not be a burden for the people to pay off for a routine living. In this scheme, the incentive for employment is what grabs the attention of many people.

Questions and answers

When does the scheme come into force?

The scheme was started on 1st October 2020 and after it gained quite a lot of popularity it will be open for the registration of the eligible employers along with new employees till 30th June 2021. This certainly is a great employment scope for all the people around.

Is registration under the scheme mandatory?

The registration under this scheme is not compulsory but it offers an incentive that an establishment that is registered under the EPFI or the new registers would be able to avail it. 

What incentive does the scheme offer?

The ABRY schema offers the upfront credit of employers and employee’s share of contribution which shall be payable or axiom the share of the employees as per the employment straight of an establishment. This credit will be given by the central government in the universal account of eligible employees that are employed in the establishment of EPFO registration.