Unemployed special reads / 10 lakh jobs will be created in next two years, EPFO has made this special preparation.
The Center is predicted to spend Rs 6,000 crore on wage subsidy through the workers Provident Fund Organization (EPFO) and help create quite a million jobs within the next two years. the 2 officials, speaking on condition of anonymity, said the work created was aimed toward the lower rungs of the celery pyramid but would push the formality. However, it’ll be difficult to manage the amount of latest jobs against the claims made by some companies.
5 lakh trade associations were registered with EPFO:
Creating a million jobs with the initiative isn’t difficult, he said. a politician said a minimum of 5 lakh business organizations with 20 or more workers are registered with the EPFO and therefore the target of Rs 10 lakh might be easily achieved if two employees were added to every of their pay scales.
The disappointing first-quarter performance is predicted to steer to a gradual recovery within the economy, the official said. Demand within the construction, land, and cement, and auto sectors has picked up again. The Self-Employed India Employment Scheme provides that firms that reimburse employees who lose their jobs during a lockdown will enjoy an EPF subsidy of up to 24 percent. Older employees are already being taken back.
The Center will provide subsidy to those workers for 2 years
Emergency
Union minister of finance Nirmala Sitharaman said the middle would offer subsidy for 2 years to workers who lost their jobs between March 1 and September 30. Such employees are rejoining Teva, also as new employees under the Self-Reliant India Scheme by October 1 and June 30, 2021. A monthly salary scale of Rs 15,000 has been fixed for both categories.
The first EPF subsidy scheme, PM Employment Scheme 2016 was announced at a price of over Rs 8300 crore in three years. The official said. The self-reliant India employment scheme is more comprehensive but just for two years. The official calculation has not been done yet but it’ll cost around Rs 5500 to 5600 crore.
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Last time 1,53,000 companies benefited while this point the amount is going to be higher. We expect a variety of workers to return, especially those that lost their jobs thanks to trade losses during the lockdown. Another official said.
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