Number of beneficiaries under PM-VBRY, Pg10

Key Highlights:

• The Pradhan Mantri Viksit Bharat Rozgar Yojana (PM-VBRY), an Employment-Linked Incentive (ELI) scheme, is projected to benefit approximately 60 lakh first-time employees, including over 18 lakh women.
• The scheme is scheduled to be operational from August 1, 2025, and will continue until July 31, 2027.
• It is a central government initiative aimed at boosting employment and formalizing the workforce.

Detailed Insights:

• The PM-VBRY was announced in the Union Budget 2024-25 as part of the "Prime Minister's Package for Employment and Skilling".
• The scheme has an approved outlay of ₹99,446 Crore and aims to incentivize the creation of over 3.5 Crore jobs across the country.
• It is structured into two parts: Part A provides incentives to first-time employees, and Part B offers incentives to employers for generating additional employment.
• First-time employees, registered with EPFO and earning up to ₹1 lakh per month, can receive incentives up to ₹15,000 in two installments.
• Employers receive monthly incentives ranging from ₹1,000 to ₹3,000 per additional employee, with extended benefits for the manufacturing sector.
• The scheme is implemented by the Ministry of Labour & Employment through the Employees' Provident Fund Organisation (EPFO).
• Its objectives include enhancing employability, promoting social security, and formalizing the workforce, with a special focus on the manufacturing sector.

Key Concepts Involved:

• Pradhan Mantri Viksit Bharat Rozgar Yojana (PM-VBRY): A government scheme providing incentives to first-time employees and employers to boost job creation and formalization.
• Employment-Linked Incentive (ELI) scheme: A policy mechanism that offers financial benefits to encourage employment generation and formal sector participation.
• Employees' Provident Fund Organisation (EPFO): A statutory body under the Ministry of Labour & Employment responsible for administering provident funds and pension schemes in India.