New Delhi: In a major push towards employment generation and workforce formalisation, Prime Minister Narendra Modi today announced the Pradhan Mantri Viksit Bharat Rozgar Yojana during his 12th Independence Day address from the Red Fort.
The scheme, with a financial outlay of nearly ₹1 lakh crore, is aimed at creating more than 3.5 crore jobs over the next two years.
The Pradhan Mantri Viksit Bharat Rozgar Yojana offers dual incentives — up to ₹15,000 in two instalments for newly employed youth and up to ₹3,000 per month per new hire for employers generating fresh employment.
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Pradhan Mantri Viksit Bharat Rozgar Yojana: Key Features
- Part A – Support for First-Time Employees
- Part A targets first-time employees registered with the EPFO, providing a one-month EPF wage up to ₹15,000 in two instalments. Eligible employees are those earning up to ₹1 lakh per month.
- The first instalment will be paid after six months of continuous service, while the second instalment will be released after 12 months of service and completion of a financial literacy programme.
- A portion of the incentive will be deposited in a fixed-period savings account to promote financial discipline. This part of the scheme is expected to benefit around 1.92 crore first-time employees.
- Part B – Incentives for Employers
- Part B is designed to encourage the creation of new jobs across all sectors, with special focus on manufacturing.
- Employers hiring individuals with salaries up to ₹1 lakh will receive incentives of up to ₹3,000 per month for two years per additional employee, provided employment is sustained for at least six months.
- For manufacturing sector employers, the incentives will continue for the third and fourth years as well. Nearly 2.60 crore jobs are expected to be generated under this component.
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Direct Benefit Transfer and Workforce Formalisation
All payments to employees under Part A will be made via Direct Benefit Transfer (DBT) using the Aadhaar Bridge Payment System (ABPS), while employer incentives under Part B will be credited to PAN-linked accounts.
The Pradhan Mantri Viksit Bharat Rozgar Yojana aims not only to boost employment but also to formalise India’s workforce by expanding social security coverage to millions of young workers.
