PMRPY now incentivizes Employers
Have you yet registered with the Pradhan Mantri Rojgar Protsahan Yojana (PMRPY)? If you haven’t still, rush now to www.pmrpy.gov.in and register before 31 March, 2019.
If you are bringing new employees into the Employee Provident Fund (EPF) and Employee Pension Scheme (EPS) net, then the Government of India pays the employer’s contribution back to the employer. PMRPY is designed to incentivize employers for generating new employment.
Earlier scheme only incentivized employer’s contribution towards EPS whereas the amended scheme incentivizes the contribution towards EPF as well. In the amended scheme, the government is bearing the employer’s contribution of 8.33% towards EPS and 3.67% under EPF. This scheme is applicable from 1 April, 2018. To avail of this scheme, businesses have to register before 31st March, 2019.
This scheme is applicable to all businesses registered with EPFO and having a Labour Identification Number (LIN) under the Shram Suvidha Portal. To register LIN go to: https://shramsuvidha.gov.in . If you already have a LIN head over to PMRPY portal to register.
From the employee’s end, the eligibility is a valid Aadhar linked UAN and wages below of Rs 15,000.
The amendment to PMRPY was made keeping two key factors in mind. One, to incentivize employers creating employment opportunities. Two, employees will get access to social security benefits of the organized sector.
This is a wonderful scheme but has largely gone unnoticed. If you are eligible to benefit from this scheme, register today.
Rush and register today, if you haven’t already