PM Viksit Bharat Rojgar Yojana: The central government’s Pradhan Mantri Viksit Bharat Rojgar Yojana is a national-level initiative aimed at encouraging young people to take their first job. Initially known as the Employment Linked Incentive Scheme, it was later renamed the Pradhan Mantri Viksit Bharat Rojgar Yojana. Its objective is to promote formal employment in the country and connect young people to the EPFO system.
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Why is the Government Giving ₹15,000 for the First Job?
The government believes that when a young person enters professional life for the first time, they need financial stability. With this in mind, the scheme provides ₹15,000 in assistance to employees who become EPFO members for the first time. This amount will be disbursed in phases to encourage employees to stay in their jobs for a longer period and develop a habit of saving.
How Companies Will Benefit
The Pradhan Mantri Viksit Bharat Rojgar Yojana is not limited to employees only. Under this scheme, companies that employ young people will also receive an incentive of up to ₹3,000 per employee. This amount will be provided for two years. To promote the manufacturing sector, a provision has been made to provide incentives for four years in this sector. This will motivate companies to recruit new employees.
Scheme’s Objective and the Government’s Goal
The government aims to create more than 3.5 crore employment opportunities in the next two years. Of these, approximately 1.92 crore young people will become part of the formal workforce for the first time. The central government has allocated a budget of approximately ₹99,446 crore for this scheme, which clearly demonstrates its seriousness and scope.
Who Can Avail the Benefits of the Scheme?
Only young people who are joining a company for the first time and who have never had an EPFO account before can benefit from this scheme. The employee’s gross salary should be ₹1 lakh or less. Additionally, the employee must have been employed with the same company for at least six months, and the company must be registered with EPFO.
How will the application process work?
There is no need to apply separately for the Pradhan Mantri Viksit Bharat Rozgar Yojana. As soon as an employee’s PF account is opened for the first time and their UAN (Universal Account Number) is generated, they will automatically be covered under this scheme. The government will identify eligible employees through their UAN and transfer the amount directly to their bank accounts.
How and when will the money be credited to the account?
Under the scheme, the first instalment will be credited to the employee’s account after they complete six months of service. The second instalment will be released after twelve months and the completion of the financial literacy program. A portion of the amount will also be deposited into the PF account to encourage savings habits among young people. The entire amount will be transferred directly to the account through DBT (Direct Benefit Transfer).
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What documents are required?
To avail the benefits of the scheme, it is mandatory to have an EPFO UAN number, a company appointment letter, an Aadhaar card, and a bank account linked to Aadhaar. The government will make payments based on these documents.