Atmanirbhar Bharat Rojgar Yojana scheme EXTENDED till THIS DATE; key takeaways from FM Sitharaman's announcements

Atmanirbhar Bharat Rojgar Yojana: The Narendra Modi Government today extended its flagship employment scheme - the Atmanirbhar Bharat Rojgar Yojana till 31 March 2022. The scheme was earlier open till 30 June 2021. The announcement was made by the Union Finance Minister Nirmala Sitharaman during a press conference. This was one of the 8 relief measures announced by the FM on Monday.  The relief measures were announced amid the second coronavirus wave.

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Highlights of Atmanirbhar Bharat Rojgar Yojana announcements:

The Atmanirbhar Bharat Rojgar Yojana scheme was launched on October 1, 2020. This scheme incentivises employers for creation of new employment. It also helps in the restoration of loss of employment through EPFO. The benefits under this scheme are as follows:

1) Approved outlay of Rs 22,810 crore for Rs 58.50 lakh estimated beneficiaries. The last date for registration is June 30, 2021.

2) Subsidy provided for two years from registration for new employees drawing monthly wages less than Rs 15000 for:

a) Both employers' and employee's share of contribution (total 24 per cent of wages) for establishment strength up to 1000 employees

b) Only employer's share (12 per cent of wages) in case of establishment strength of more than 1000

3) Benefit of Rs 902 crore given to 21.42 lakh beneficiaries of 79,577 establishments till June 18, 2021

The scheme has been extended from June 30, 2021, till March 31, 2022.

The Finance Minister also announced Rs 1.1 lakh crore Loan Guarantee Scheme to the sectors affected by COVID-19.