EPFO Update –The central government had announced in the budget that Rs 15,000 will be given separately to the youth joining the job for the first time in the country. Recently, a budget of Rs 99,446 crore was also passed for the employment-related incentive ELI scheme . Now there has been a big change in this ambitious scheme of the Modi government . The name of this scheme has been changed to Pradhan Mantri Vikasit Bharat Rojgar Yojana (PM-VRBY).
According to the Ministry of Labor and Employment, under this scheme, employees who join EPFO for the first time from August 1, 2025, will get Rs 15000 from the government apart from their salary. Earlier this scheme was known as Employment-Linked Incentive (ELI) . But now its name has been changed. The goal of this scheme is to provide employment to new employees and encourage them to save.
New employees will get money in two installments
PM-VBRY scheme has been prepared keeping in mind the new employees. Those who will register in EPFO for the first time will be given PF of up to Rs 15000 per month in two installments along with salary. Its first condition is that the employee has to work for at least 6 months.
Only after this the first installment will be given. The second installment will be given only after completing 12 months of job and completing the financial literacy program. The good thing is that people with salary up to Rs 1 lakh will also get the benefit of this scheme.
This scheme will encourage companies to create new jobs and new jobs will increase in different sectors. The government will also give Rs 3000 per employee every month to the companies. This money will be available for a maximum of 2 years for every new employee who works for at least 6 months. The government has a special focus on the manufacturing sector and money will be available here in the third and fourth year as well.
If companies want to take advantage of this scheme, then they have to fulfill some conditions. If the company has less than 50 employees, then at least 2 new employees have to be recruited. On the other hand, if more than 50 employees are registered with EPFO, then five new employees have to be appointed. These employees should remain in the job for at least 6 months.
Through this scheme, the government aims to create more than 3.5 crore jobs in the country in two years. Out of these, 1.92 crore beneficiaries will be first-time workers. The benefit of this scheme will be applicable to jobs created between August 1, 2025 and July 31, 2027.