In a significant outreach to promote formal employment and economic inclusion, Regional Office, Sangareddy organised a seminar at M/s Deloitte Consulting India Pvt. Ltd., Hyderabad on Pradhan Mantri Viksit Bharat Rozgar Yojana and recent process simplifications and technological advancements by EPFO. The potential of the scheme was highlighted that aims to create 3.5 Crore jobs across sectors, particularly manufacturing, while encouraging formalization and social security for India’s vast workforce. It has a budget outlay of about Rs 1 Lakh Crores.

Key benefits of the scheme for employers hiring additional employees on a sustained basis include incentive upto Rs 3,000/month per new employee for 2 years. For incentives in the manufacturing sector, the incentives extend upto 4 years. This is applicable for new hires earning upto Rs 1 lakh/month. Employers with fewer than 50 employees must hire at least 2 new workers, while those with 50 or more employees must hire at least 5, with a minimum 6-month retention period.

For first time employees, new entrants to the EPFO system will receive upto Rs 15,000 in two installments- first installment after 6months of continuous employment and second installment after 12 months and successful completion of financial literacy. Part of the incentive will be placed in a locked savings account to promote long-term financial planning. A presentation on highlights of the Scheme, recent process simplifications and technological advancements by EPFO as well as general issues being faced by the Establishment was made by EPFO followed by Q & A Session.