New Delhi: Finance Minister Nirmala Sitharaman has unveiled a new scheme to incentivize job creation under Atmanirbhar 3.0 stimulus measures announced to boost economic growth. The Atma Nirbhar Bharat Rozgar Yojana will generate new employment and more job creation. In a press conference, Nirmala Sitharaman said that this stimulus package will bring steam into the corona-hit economy. Sitharaman is expected to announce measures for more job creation and budgetary push in the big-infrastructure spending among others. Sitharaman’s economic stimulus, which comes days ahead of Diwali, is also expected to bring in cheer to the middle class.
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The economic package follows the government’s announcement of production linked incentives (PLI) worth about $27 billion over five years for manufacturers in 10 sectors. Every Employees’ Provident Fund Organisation (EPFO) registered organization that recruits new employees who were never covered under EPFO or those who lost their jobs between March 1 and September 30 this year, will receive benefits under the aegis of the Atma Nirbhar Bharat Rozgar Yojana. The scheme will be effective from October 1, 2020, and will be active till June 30, 2021. Establishments with less than 50 employees must recruit at least 2 new employees and organizations with more than 50 employees must employ at least 5 new employees. The month of September will be considered as the base for the scheme.
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