Atmanirbhar Bharat Rojgar Yojana

Atmanirbhar Bharat Rojgar Yojana, an ambitious plan, to encourage employers to not sack the workers working in their companies. The government bearing alone 24 percent of pension fund (PF), so that the burden on the employers can be eased during this lockdown when especially small businesses were hardly hit.

 Under this scheme PF of more than eight lakhs employee from 1.5 lakhs centres were benefited.

What is pension fund?

It is a scheme of the government run in the organised sectors for the employees. A 12 percent of a employee's salary is deducted and deposited in the PF and other 12 percent is beared by the employer where the employee is working. So the total 24 percent of his basic is saved every month and the PF department returns the total amount saved during the working age at his or her retirement of the employee with pension on his name.

What is Atmanirbhar Bharat project?

During lockdown the government launched Atmanirbhar Bharat project worth 20 lakhs crore to recover economy on track, holding employees. The Atmanirbhar Bharat Rojgar Yojana, is one of the ambitious program of Atmanirbhar Bharat project.

How PF is bolstering organised sectors in India?

Over the last two years pandemic ravaged the economy especially small businesses. But the new initiative of the government proved and helped in maintaining a good relations between employees and employers. The employers were seeking sustainability of their businesses so that they arrived at the conclusion that they started sacking or firing their employees. 

But some smart employers used the policy of the government and not sacked their employees. The employers did not pay but joined the names of their employees in the PF scheme. So with this way, the employers saved the sustainability of the employees and themselves too by using government policy.

Workers who were working in the unorganised sector now turned into organised sectors and their job become secured. It also helped the government to bring other employees of unorganised sector into organised sectors by adding their names in the PF list.

Where is PF elegible?

PF works on the organised sectors where 10-20 workers work in a workshop or institute. The 24 percent beared by the government is eligible only on the institute or workshop where more than 1000 employees are working. The government beared only 12 percent where working employees are less than 1000.