If you are about to enter the world of work for the first time, this news brings both relief and excitement for you. The Ministry of Labour and Employment has announced that the central government is now providing financial incentives to new employees under the Pradhan Mantri Viksit Bharat Rozgar Yojana (Prime Minister’s Developed India Employment Scheme). The aim is to connect young people with the organized sector and provide them with financial support at the beginning of their careers.
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Who will get the ₹15,000 benefit?
According to the information released by the ministry, this scheme will benefit only those employees who are registering with EPFO for the first time. This means that if you have never opened a PF account before and are now joining a job, you will be eligible for this scheme. Employees who are already EPFO members will not be eligible for this scheme.
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How does EPFO registration work?
When an employee joins a new job, the company opens an EPFO account in their name. Through this process, the employee is officially registered in the EPFO system. After the PF account is created, the employee’s UAN (Universal Account Number) is activated, which provides access to all PF-related facilities. This registration determines eligibility for this scheme.
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How to apply for the scheme from home
To avail of the scheme, employees can apply online by visiting the pmvry.labour.gov.in website. This process does not require visiting any office. After filling in the necessary information and verification, the incentive amount is provided according to the prescribed rules.
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New rules regarding PF withdrawal
EPFO has made the rules related to PF withdrawal simpler than before. Now, employees can withdraw their PF money according to their needs. The government is also working on introducing a PF ATM card facility in the future, which could make withdrawing money as easy as using a bank ATM.
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How much money can be withdrawn if you lose your job?
If an employee loses their job, they can immediately withdraw 75 percent of their total PF balance. If they remain unemployed for 12 consecutive months, the remaining 25 percent can also be withdrawn, thus receiving the entire PF amount.
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Withdrawal Rules for Marriage, Medical Treatment, and Housing
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In case of marriage, an employee can withdraw up to 50 percent of their Provident Fund (PF) balance after completing seven years of service, for their own or a family member’s marriage. In case of serious illness or medical treatment, the employee is allowed to withdraw the entire PF amount or an amount equivalent to six months’ salary, and there is no minimum service period requirement for this. Withdrawal facilities are also available for buying or repairing a house or for children’s education, subject to specific rules.