On august 15, 2025, prime minister Narendra Modi inaugurated the Pradhan Mantri Viksit Bharat Rozgar Yojana (PMVBRY), a ₹1 lakh crore employment initiative aimed at generating 3.5 crore jobs, particularly benefiting first-time private sector employees and employers creating new jobs.
Scheme Details:
PMVBRY is a central initiative administered by the Labour Ministry through the EPFO, with a registration period from august 1, 2025, to July 31, 2027. The scheme consists of two parts:
1. Part A (For Employees): First-time EPFO contributors can receive up to ₹15,000, disbursed in two installments. The first installment of up to ₹7,500 is available after six months of continuous EPF contributions, while the second installment is contingent on completing a Financial Literacy course.
2. Part B (For Employers): Employers can receive cash incentives for each new job created, depending on the gross wage of the employee. Incentives are calculated based on the EPF wage and can reach up to ₹3,000 per employee.
Eligibility Criteria:
- Employees must be first-time contributors with a gross wage of ₹1 lakh or less per month, maintain payroll for six months, and complete the Financial Literacy course.
- Employers must be registered under the EPF & mp Act, create net jobs exceeding a baseline, and ensure new hires remain for at least six months.
Financial and Administrative Aspects:
Incentives are taxable and disbursed through direct bank transfers, with audits in place to prevent fraud. Grievances can be addressed through an online portal.
This scheme aims to enhance formal employment and support the youth in india by providing financial incentives to both employees and employers.
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