The Aatmanirbhar Bharat Rozgar Yojana (ABRY), an innovative employment incentive program by the Central Government, has exceeded its original goals for job creation, demonstrating its effectiveness in promoting employment growth and recovery amidst the COVID-19 pandemic.
Launched on October 1, 2020, the ABRY was formulated to encourage the emergence of fresh job opportunities by providing financial aid to employers of businesses registered under the Employees’ Provident Fund Organization (EPFO). This initiative aimed to motivate the hiring of unemployed individuals, including those who lost their jobs due to the pandemic. It covered both the employee and employer contributions (24% of wages) for establishments with up to 1000 employees, while larger establishments received coverage only for the employee’s EPF contributions (12% of wages) concerning new hires.
Initially open for registration until March 31, 2022, the ABRY had a target to benefit about 7.18 million workers throughout India. However, by July 31, 2023, the program had already enrolled over 7.58 million new employees, surpassing its initial target for job generation.
So far, a total of 152,380 establishments have taken advantage of the ABRY scheme, employing 6,044,155 new workers. Meeting all eligibility criteria, these establishments and employees have received benefits totaling Rs. 9,669.87 Crore under the program. The scheme ensures that benefits are disbursed based on specific eligibility conditions, met by beneficiary businesses and employees on a monthly basis.
The program has significantly contributed to the revival of the job market, highlighting its pivotal role in driving economic recovery during these trying times.
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