HYDERABAD: In a bid to boost formal employment and social security coverage, Regional Provident Fund Commissioner (Sangareddy) Vishal Agarwal has urged employers and first-time employees to take advantage of the newly launched Pradhan Mantri Viksit Bharat Rozgar Yojana (PMVBRY). Approved recently by the Union Cabinet, the scheme aims to incentivise job creation, particularly in the manufacturing sector, while promoting financial inclusion and long-term economic security, he added.
Vishal Agarwal said the scheme, which will be officially launched nationwide on August 1, offers substantial benefits to both employers and employees and is in line with the government’s broader push for formalising India’s workforce.
“With a total financial outlay of Rs 99,446 crore over four years, PM-VBRY aims to generate 3.5 crore new jobs across the country. The initiative will be rolled out simultaneously across all EPF offices and related departments to ensure widespread awareness and adoption,” he added.
Speaking to the media, Vishal Agarwal explained that the scheme is divided into two components. Part A targets first-time employees who begin working from August 1, and are registered with EPFO via a Universal Account Number (UAN). Eligible employees will receive a one-time benefit of Rs 15,000 in two instalments, one after six months and another upon completing a financial literacy programme. A portion of the incentive will be credited into a locked savings account, aimed at encouraging financial discipline and long-term planning.
Part B provides incentives to employers for job creation. Establishments in general sectors will receive support for two years, while those in the manufacturing sector will be eligible for four years.
Scale of EPFO operations in TG for FY2024-25
Total claims settled: 31,73,717
Contributory members across state: 49,29,411
No of registered establishments: 1,34,500