• The Union Cabinet has given its approval for Atmanirbhar Bharat Rojgar Yojana (ABRY) to boost employment in formal sector by encouraging the businesses to do fresh hiring amid the pandemic.
• ABRY will also incentivize creation of new employment opportunities under Atmanirbhar Bharat Package 3.0.
• Cabinet has approved an expenditure of Rs.22,810 crore for the Scheme.
• The ABRY will run from 2020-2023.
• Rs. 1,584 crore has been earmarked for the current financial year 2020-21 for the scheme.

Key incentives under the Scheme:

• Government will provide subsidy for two years in respect of new employees engaged on or after 1st October, 2020 and upto 30th June, 2021.
• Government will pay both 12% employees’ contribution and 12% employers’ contribution i.e.  24% of wages towards EPF in respect of new employees in establishments employing upto 1000 employees for two years.
• Government will pay only employees’ share of EPF contribution i.e. 12% of wages in respect of new employees in establishments employing more than 1000 employee for two years.