ABRY Surpasses Employment Generation Target: A Boost to Economic Recovery
The Aatmanirbhar Bharat Rozgar Yojana (ABRY), an innovative employment incentive scheme introduced by the Central Government, has not only met but exceeded its initial employment generation targets. This achievement highlights the scheme’s effectiveness in promoting job creation and aiding in the recovery from the COVID-19 pandemic.
Empowering Job Creation
Launched on October 1, 2020, the ABRY was strategically designed to encourage the creation of new job opportunities by offering financial support to employers registered with the Employees’ Provident Fund Organization (EPFO). The primary goal was to incentivize the employment of individuals, particularly those who had lost their jobs due to the pandemic. The scheme covered both the employee and employer contributions, which amounts to 24% of wages for establishments with up to 1000 employees. For larger establishments with over 1000 employees, only the employee’s EPF contributions, equivalent to 12% of wages, were covered for new employees.
A Resounding Success
The ABRY, initially open for registrations until March 31, 2022, aimed to benefit around 7.18 million employees across India. Remarkably, as of July 31, 2023, the scheme has exceeded expectations by enrolling over 7.58 million new employees, surpassing its initial employment generation target.
A total of 1,52,380 establishments, employing 60,44,155 new employees, have fulfilled the eligibility conditions and availed benefits amounting to a substantial sum of Rs. 9,669.87 Crore under the ABRY scheme. These benefits are disbursed based on specific eligibility criteria, met by both beneficiary establishments and employees, on a month-to-month basis.
Powering Economic Recovery
The ABRY has played a pivotal role in reviving the job market and contributing significantly to economic recovery during these challenging times. Its success underscores the importance of innovative employment schemes in driving overall economic growth and stability.
For detailed information about the Aatmanirbhar Bharat Rozgar Yojana (ABRY) and how it has exceeded expectations, please visit the official ABRY website.
