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Under the Pradhan Mantri Rojgar Protsahan Yojana, what does the government pay for eligible new employees?
- a)Medical expenses
- b)Employees' Provident Fund (EPF)
- c)Income tax
- d)Housing allowances
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
Under the Pradhan Mantri Rojgar Protsahan Yojana, what does the govern...
Under the Pradhan Mantri Rojgar Protsahan Yojana, the government pays the entire employer's contribution towards the Employees' Provident Fund (EPF) for eligible new employees for a specified period.
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Most Upvoted Answer
Under the Pradhan Mantri Rojgar Protsahan Yojana, what does the govern...
Under Pradhan Mantri Rojgar Protsahan Yojana (PMRPY), the government pays for the Employees' Provident Fund (EPF) contribution of eligible new employees. Here's a detailed explanation:
Employees' Provident Fund (EPF) Contribution:
- The government, under the PMRPY scheme, pays the employer's share of EPF contribution for new employees for the first three years of their employment.
- The scheme aims to incentivize employers to create new employment opportunities by reducing the financial burden of EPF contributions.
Benefits of EPF Contribution under PMRPY:
- Employers save on the 12% contribution towards EPF for eligible new employees, which helps in reducing the overall cost of hiring.
- New employees receive the full benefit of EPF contributions towards their retirement savings without any deductions from their salary.
Eligibility Criteria:
- The PMRPY scheme is applicable for new employees earning wages up to Rs. 15,000 per month.
- The employer must be registered with EPFO and must have a Universal Account Number (UAN) for the eligible employees.
How to Avail the Benefits:
- Employers need to register online on the PMRPY portal and provide details of eligible new employees to avail of the EPF contribution benefits.
- The EPF contributions for eligible new employees will be reimbursed by the government directly to the employer's bank account.
Conclusion:
The government's initiative under PMRPY to pay for the EPF contributions of eligible new employees aims to promote job creation and reduce the financial burden on employers. By incentivizing the hiring of new employees, the scheme contributes to the overall growth of the economy and provides social security benefits to workers.
Employees' Provident Fund (EPF) Contribution:
- The government, under the PMRPY scheme, pays the employer's share of EPF contribution for new employees for the first three years of their employment.
- The scheme aims to incentivize employers to create new employment opportunities by reducing the financial burden of EPF contributions.
Benefits of EPF Contribution under PMRPY:
- Employers save on the 12% contribution towards EPF for eligible new employees, which helps in reducing the overall cost of hiring.
- New employees receive the full benefit of EPF contributions towards their retirement savings without any deductions from their salary.
Eligibility Criteria:
- The PMRPY scheme is applicable for new employees earning wages up to Rs. 15,000 per month.
- The employer must be registered with EPFO and must have a Universal Account Number (UAN) for the eligible employees.
How to Avail the Benefits:
- Employers need to register online on the PMRPY portal and provide details of eligible new employees to avail of the EPF contribution benefits.
- The EPF contributions for eligible new employees will be reimbursed by the government directly to the employer's bank account.
Conclusion:
The government's initiative under PMRPY to pay for the EPF contributions of eligible new employees aims to promote job creation and reduce the financial burden on employers. By incentivizing the hiring of new employees, the scheme contributes to the overall growth of the economy and provides social security benefits to workers.
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Under the Pradhan Mantri Rojgar Protsahan Yojana, what does the government pay for eligible new employees?a)Medical expensesb)Employees' Provident Fund (EPF)c)Income taxd)Housing allowancesCorrect answer is option 'B'. Can you explain this answer?
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