Monday, 21 November 2016

Pension Scheme Contribution

Pension Scheme Contribution

A new Scheme “Pradhan Mantri Rojgar Protsahan Yojana” has been announced in the Budget for 2016-17 with the objective of promoting employment generation and an allocation of Rs. 1000 crores has been made. The scheme is being implemented by the Ministry of Labour and Employment in 2016-17.

The PMRPY scheme is targeted for workers earning wages upto Rs. 15,000/- per month. For the purpose of the scheme, a new employee is one who has not been working elsewhere on a regular basis prior to 1st April, 2016 and has a new Aadhaar seeded Universal Account Number (UAN) on or after 01.04.2016. Under the scheme employers would be provided an incentive for enhancing employment where the 8.33% EPS contribution made by the employer will be paid by Government of India in respect of new employment from August, 2016 onwards.

This information was given by Shri Bandaru Dattatreya, the Minister of State (IC) for Labour and Employment, in reply to a question in Lok Sabha today.


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