Finance Minister Nirmala Sitharaman

India, 12th November: The Union finance minister, Nirmala Sitharaman declared the Atmanirbhar 3.0 scheme on Thursday which aims to come up with new employment opportunities throughout the Covid-19 economic recovery phase.

The new scheme that aims at raising the country’s ailing economy, will be effective from October 1, 2020, and will stay active until June 30, 2021. The particular package has been announced under the Atmanirbhar Bharat Rozgar Yojana.

It will primarily profit those joining employment in Employees’ Provident Fund Organization (EPFO) registered establishments on monthly wages less than rupees 15,000 per month.

Those who lost their jobs between March 1 and September 30 this year, or are employed on or after October 1 also stand to gain from the scheme.

EPFO registered organizations with up to 1,000 workers, who earn up to rupees 15,000 per month will receive 12 per cent employee’s contribution and 12 per cent employer’s contribution from The central government said the Minister while announcing the scheme in New Delhi.

This amounts to 24 per cent of wages for a two-year period under the scheme. Employers with over 1,000 workers will get employees’ EPF contribution of 12 per cent from the Central government. The subsidy support will be credited into the Aadhar seeded EPFO account (UAN) of an eligible new worker.

Meanwhile, Finance Minister Nirmala Sitharaman also said the Indian economy is improving at a healthy pace. Markets are at a record high and therefore the country’s foreign reserves have reached the U.S. $560 billion.