It is being implemented by the Ministry of Labour and Employment and is operational since August, 2016. It was launched for incentivising employers for generation of new employment. The Government of India will pay the entire employer’s contribution (12 per cent or admissible contribution) towards the Employees’ Provident Fund (EPF) and the Employees’ Pension Scheme (EPS) for all eligible new employees for all sectors for 3 years.
- All new eligible employees will be covered under the PMRPY Scheme till 2019-20.
- All establishments registered with EPFO i.e. Employees’ Provident Fund Organisation can apply for availing benefits under the scheme subject to the certain conditions.
- Employees who are earning wages less than Rs 15,000/- per month are eligible. Benefits of Scheme
- The employer is incentivised for increasing the employment base of workers in the establishment.
- A large number of workers will find jobs in such establishments.
- A direct benefit is that these workers will have access to social security benefits of the organized sector