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Friday, 1 January 2021

40 crore employees will get big benefit, Modi government is going to do this big work

Benefits: 40 crore employees will get huge benefits, this big work is going to be done by Modi government

The Union Cabinet has approved the Swanirbhar Bharat Yojana to increase employment in the country. The Social Security Code is set to go into effect on April 1 next year. This will open the door to EPFOs for 400 million artisans working in the unorganized sector across the country.

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Big decision regarding EPFO
Benefits will be available under self-help scheme
40 crore employees will get this benefit


In the new year, EPFO ​​is encouraged by the government to focus on the implementation of the Self-Employed India Employment Scheme. The unorganized sector will also come under EPFO ​​after this scheme.
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The scheme is worth Rs 22,810 crore
The scheme may cover employees who have joined the job between 1 October 2020 and 30 June 2021. The scheme will cost Rs 1,584 crore in the current financial year. So the entire plan period from 2020-2023 could cost Rs 22,810 crore.

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There are more than 400 million unorganized sectors in the country
There are more than a million unorganized sectors in the country that do not appear in any establishment or wage register. The government may plan to bring each of these institutions under EPFO.

The government will help
The subsidy will be to cover the contribution of the retirement fund, i.e. the P.F. made by the employer for two years. 12 per cent contribution in PF and 12 per cent contribution made by the employer i.e. 24 per cent contribution can be subsidized by the government.


➡️ Read full news in Gujarati

Under the scheme, the government will provide P.F.s from both employers and employers to companies employing 1000 people. Can be found.


The network has to increase the space
Brijesh Upadhyay, former secretary general of the Federation of Indian Trade Unions, said the implementation of the Social Security Code would pose a new challenge to the EPFO in 2021.

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