Union Finance Minister Nirmala Sitharaman launched a new scheme on 12 November 2020 to boost employment in India recovering from the Covid transition period. It has been named Atmnirbhar India Employment Scheme. He also announced an income tax benefit for buyers and builders.
Modi government is going to bring a special kind of portal for migrant labourers. Its purpose is to encourage new employment. Under this, companies which are giving employment to new people i.e. those who were not already covered in Employees Provident Fund Organization (EPFO), will get the benefit.
The Modi government announced the launch of Self-Reliant India Employment Scheme with the aim of providing employment again to those who lost employment in the Corona era. Under this, subsidies will be given to establishments making new recruitment.
Under this subsidy, the contribution of employees as well as employers will be included in the retirement fund for two years. Sitharaman said that 24 percent of the total salary will be given to establishments that make new recruits for the next two years, including the employees’ contribution (12 percent of salary) and the institution’s contribution (12 percent of salary).
The Finance Minister said that under this scheme, new employees getting less than Rs 15,000 monthly salary will be counted. He said that it would also include less than 15,000 paid workers who were fired during the Covid-19 epidemic and are reunited on or after October 1, 2020.