Consider the following statements about Pradhan Mantri Rojgar Protsahan Yojana 1 It i...........

Economic Affairs Employment related Issues

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Consider the following statements about Pradhan Mantri Rojgar Protsahan Yojana -

1. It is a pension scheme contribution in a bid to create more formal sector jobs.

2. The scheme will be applicable for the new employees, earning Rs.15, 000 a month.

Which of the above statement/s is/are correct?

1 only

2 only

Both are correct

None is correct

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Explanation:

Launched in Union Budget 2016-17, it is a pension scheme contribution in a bid to create more formal sector jobs.
• The scheme will be applicable for the new employees, earning Rs.15,000 a month, who have worked for 240 days during a year in an establishment.
• Govt will pay 8.33% of wages to Employees Pension Scheme (EPS) on behalf of employers for workers during first three years of employment.