Latest news with #PM-VBRY
The Print
9 hours ago
- Business
- The Print
Rs 15,000 for first-time employees: Modi's employment incentive push on Independence Day
In July, the Union Cabinet gave its approval to an Employment Linked Incentive (ELI) scheme to support employment generation. The same scheme has now been officially launched under the banner of PM-VBRY. 'On this Independence Day, we are starting a new scheme worth Rs 1 lakh crore for the youth of this country,' the Prime Minister said from the ramparts of the Red Fort. Adding, 'From today, Pradhan Mantri Viksit Bharat Rozgar Yojana is starting under which first-time employees in the private sector would get Rs 15,000 from the government.' New Delhi: In his Independence Day speech, Prime Minister Narendra Modi announced the launch of a new scheme, the Pradhan Mantri Viksit Bharat Rozgar Yojana (PM-VBRY), which he said would create employment opportunities for 3.5 crore young Indians. Budgeted with Rs 1 lakh crore, the scheme will entail a one-time incentive of Rs 15,000 to those who get their first job in the private sector. The Pradhan Mantri Viksit Bharat Rozgar Yojana aims to incentivise creation of more than 3.5 crore jobs in the country over a period of two years ending 31 July 2027. The scheme is applicable to first-time private sector employees drawing a salary of up to Rs 1 lakh per month and registered with the Employees' Provident Fund Organisation (EPFO). The incentive of Rs 15,000 will be released in two instalments, the first after six months of service and the second after completion of 12 months of service along with completion of a financial literacy programme. The scheme also incentivises employers with up to Rs 3,000 per month for two years for each additional hire on a sustained basis for six months. For the manufacturing sector, the scheme is extended for another two years. Employers with 50 or fewer employees need to hire two additional employees per month on a sustained basis for at least six months to be eligible for this scheme, while those with more than 50 employees need to hire five additional employees on a sustained basis for the same period. Also Read: Reality check for MP govt's mega youth skilling dream—missing companies, fake trainees, missed targets PM's Internship Scheme (PMIS) PM-VBRY is not the Modi government's first policy attempt at incentivising employees and employers to address shortage of jobs in the country. Launched in October 2024, the Prime Minister's Internship Scheme (PMIS) aims to provide internships to 1 crore young Indians till 2029. It entitles interns to a monthly stipend of Rs 5,000 to be shared by companies (Rs 500 via CSR fund) and the government (Rs 4,500). There is also a one-time grant of Rs 6,000 for interns to be borne by the government. However, as ThePrint analysed and reported earlier, the scheme received a lukewarm response from aspirants during the first two rounds of the pilot phase. In round 1, only 8,725 candidates showed up for the internships offered to them when 82,077 offers were extended out of 1.27 lakh opportunities. In round 2, rollout of offers declined to 71,458 out of 1.18 lakh internship opportunities but only 22,584 candidates accepted it. Data for candidates who ended up joining the internship in this round is yet to be released. (Edited by Amrtansh Arora) Also Read: More firms, but decline in offers, acceptance rate—Modi govt data on PM Internship Scheme 2nd round
Time of India
13 hours ago
- Business
- Time of India
PM Viksit Bharat Rozgar Yojana: Check how to apply, who is eligible and how to get Rs 15,000 incentive in your account
The central government led by Prime Minister Narendra Modi today launched the employment incenvtive scheme Pradhan Mantri Viksit Bharat Rozgar Yojana ( PM-VBRY ) on Independence Day. Speaking from the ramparts of Red Fort in Delhi, Prime Minister Narendra Modi announced the launch of the employment scheme starting today August 15, 2025, offering financial support to both first-time job employees and the employers. The scheme will be operated by the Employees' Provident Fund Organisation (EPFO). As per the government announcement, the scheme has a budget total budget outlay of Rs 99,446 crore and aims to create over 3.5 crore jobs in two years. — mlkhattar (@mlkhattar) What is the scheme? PM-VBRY provides direct cash incentives to eligible employees and employers to boost formal job creation. Independence Day 2025 Op Sindoor to water cutoff: PM Modi slams Pak in I-Day speech GST reforms by Diwali to cut daily-use taxes: PM Modi Terrorism, tech, more: PM's I-Day speech highlights Part A – Employees by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Original Adidas Three Combo Track-Pants With 60% Discount Adidas India Shop Now Undo First-time EPFO-registered workers earning up to ₹1 lakh per month Incentive up to ₹15,000, paid in two instalments: First instalment after completing 6 months in the job Second instalment after 12 months and completing a financial literacy module Part of the second instalment is held in a designated savings account to promote long-term savings Part B – Employers EPFO-registered companies hiring additional staff Incentive up to ₹3,000 per month per eligible new hire Benefit for two years for most sectors; up to four years for manufacturing firms Hiring thresholds: at least 2 extra hires for companies with under 50 staff, and 5 extra for companies with 50 or more employees Who can apply? For employees: Live Events You Might Also Like: PM Viksit Bharat Rozgaar Yojana: PM Modi announces Rs 1 lakh crore scheme for youth in Independence Day 2025 Speech Join an EPFO-registered establishment after 15 August 2025 Earn gross wages of ₹1 lakh per month or less Create a UAN using Aadhaar-based face authentication via the UMANG app Stay employed for at least 6 months to get the first instalment, and 12 months with financial literacy training for the second instalment For employers: Must have an EPFO code (via the Shram Suvidha Portal) and be registered on EPFO's employer login portal Hire eligible new or re-joining workers with Aadhaar-authenticated UANs Submit monthly Electronic Challan cum Return (ECR) with PF contributions on time Maintain new hires for a minimum of 6 months to qualify for incentives How to apply? For employees: No separate application is required. Once a PF account is created for the first time and linked to Aadhaar, eligibility is automatic. Payments are transferred directly to the Aadhaar-seeded bank account. For employers: Obtain an EPFO code through the Shram Suvidha Portal Register on EPFO's employer login to access the PM-VBRY interface Hire eligible employees and ensure they meet wage and registration criteria File monthly ECR with contributions Incentives are credited to the PAN-linked company bank account every 6 months via Direct Benefit Transfer (DBT) Payment schedule and benefits Beneficiary Requirement Benefit Payment Method First-time employee Joined after 15 Aug 2025, salary ≤ ₹1 lakh/month ₹15,000 (max) in 2 instalments DBT to Aadhaar-linked account Employer EPFO-registered, meets hiring thresholds Up to ₹3,000/month per hire DBT to PAN-linked account every 6 months The scheme is designed to promote formalisation of jobs, strengthen financial security, and support small and medium enterprises. By linking direct cash benefits to job retention and financial literacy, PM-VBRY aims to create stable employment while preparing the workforce for the future economy.
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Business Standard
13 hours ago
- Business
- Business Standard
Youth getting first job in private sector to get Rs 15,000 support: PM Modi
Youth landing their first job in the private sector will get government support of ₹15,000, Prime Minister Narendra Modi said in his Independence Day address on Friday as he announced the launch of Prime Minister Viksit Bharat Rozgar Yojana (PM -VBRY). The scheme, with an outlay of ₹1 trillion, aims to help 35 million youth in the country. Companies too will get government support as they create job opportunities for the youth, the PM said. 'Today on the auspicious occasion of August 15, we are going to launch the ₹1 trillion scheme for the youth of the country. The PM-VBRY is being implemented today. Under this scheme, young people getting their first job in the private sector will get ₹15,000 as government support. Companies, too, will get the support for creating new jobs. The scheme is slated to benefit 35 million youth. I congratulate all the young people in the country,' PM Modi said in his address. The scheme, erstwhile known as Employment Linked Incentive (ELI) scheme, was announced in the Union budget last year by Finance Minister Nirmala Sitharaman as part of the Prime Minister's package to facilitate skilling and job creation in the country. 'Good news for the youth of the country! In his address from the ramparts of the Red Fort, the Prime Minister announced the implementation of 'PM Vikasit Bharat Rojgar Yojana' from today. This scheme, costing approximately ₹1 trillion will create 35 million jobs in the country. I express my heartfelt gratitude to the Prime Minister for this announcement,' Union Labour Minister Mansukh Mandaviya posted on social media platform X on Friday. The PM-VBRY consists of two parts with Part A focused on first timers and Part B focused on employers. Under part A, one-month EPF wage up to ₹15,000 in two instalments will be given to first-time employees registered with the Employees Provident Fund Organisation (EPFO). Employees with salaries up to ₹1 lakh will be eligible. The 1st instalment will be payable after six months of service and the 2nd will be payable after 12 months of service and completion of a financial literacy programme by the employee. 'To encourage the habit of saving, a portion of the incentive will be kept in a savings instrument of deposit account for a fixed period and can be withdrawn by the employee at a later date. This will benefit around 19.2 million fresh beneficiaries entering the workforce,' the labour ministry had said in a statement earlier. The part B will cover generation of additional employment with salaries up to ₹1 lakh in all sectors, with a special focus on the manufacturing sector. The government will incentivise employers registered with EPFO, up to ₹3000 per month, for two years, for each additional employee with sustained employment for at least six months. For the manufacturing sector, incentives will be extended to the 3rd and 4th years as well. Employers (with less than 50 employees) will have to add at least two additional employees or five additional employees (in case of 50 or more employees) to avail benefits. 'In the budget, three ELI schemes were announced. However, the second and third schemes have a lot of overlap, hence they have been condensed as Part B. All other parameters remain the same,' explained an official requesting anonymity. The Prime Minister Internship scheme, another component of the package announced last year, had its first round of pilot run between October and December 2024. With more than 600,000 applications received, 127,000 internship opportunities were posted by 280 top companies covering 745 districts, of which over 82,000 internship offers were made to candidates. In the round II of the internship scheme, till now more than 120,000 internships have been offered with participation from 327 reputed companies. Meanwhile, in May, the Union Cabinet also approved the ₹60,000 crore Industrial Training Institute (ITI) upgradation scheme, with focus on 1,000 government ITIs in hub and spoke arrangement with industry aligned revamped trades. Out of the ₹60,000 crore to be spent under the scheme, Centre would contribute ₹ 30,000 crore, state's share would be ₹20,000 crore and industry would pitch in ₹ 10,000 crore.
Time of India
14 hours ago
- Business
- Time of India
PM Modi announces ₹99,446 crore PM-VBRY scheme, how it will boost the job sector
Prime Minister Narendra Modi Independence Day Speech Independence Day speeches often stir emotion; this year, Prime Minister Narendra Modi's address also carried a clear, data-backed economic intent. From the Red Fort, beneath the sweep of the tricolour, he unveiled the Pradhan Mantri Viksit Bharat Rozgar Yojana (PM-VBRY), a ₹99,446 crore national jobs drive that could directly shape the careers of millions and recalibrate India's labour market dynamics. 'Today, I bring good news for the youth of our country. From today, under the PM Viksit Bharat Rozgar Yojana, sons and daughters getting their first job in the private sector will be given ₹15,000,' he announced. The scheme began on August 1, 2025, replacing the Employment Linked Incentive Scheme. Its ambitions are unmistakable: 3.5 crore new jobs in two years, including 1.92 crore for first-time entrants. But beyond the headline numbers lies a design that could ripple through boardrooms, shop floors, and HR departments, reshaping how India works. What is PM Viksit Bharat Rozgar Yojana? The scheme operates on two fronts. First, individuals securing their first private sector job with a monthly salary of up to ₹1 lakh will receive incentives of up to ₹15,000, disbursed in two instalments, the first after six months, and the second after one year, contingent on attending a financial awareness programme. A portion of this incentive will be earmarked in a savings account to cultivate long-term saving habits. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Indonesia: New Container Houses (Prices May Surprise You) Container House | Search ads Search Now Undo Second, employers expanding their workforce will receive subsidies of up to ₹3,000 per month per new hire for two years, with manufacturing units eligible for benefits for up to four years. This applies to employers registered with the Employees' Provident Fund Organisation (EPFO) who add at least two employees (if the workforce is under 50) or five employees (if over 50). Two-way incentives: Why it matters for working professionals Unlike one-sided job schemes, PM-VBRY incentivises both employees and employers: For first-time employees : A ₹15,000 payout (split over one year) is more than a welcome cash infusion — it's a bridge into formal employment. The financial literacy training attached to the benefit could equip young workers with budgeting skills, savings discipline, and an early grasp of provident fund and insurance systems. This matters in a country where household financial planning often starts too late. For existing working professionals : The employer incentive of ₹3,000 per new hire per month — for up to two years (four for manufacturing) — could indirectly boost existing staff morale and career mobility. Companies expanding headcount often create internal promotions, team expansions, and upskilling opportunities for current employees, breaking the stagnation many mid-level professionals face. For gig and contract workers : By requiring EPFO registration for participating employers, the scheme subtly nudges firms to formalise roles, opening the door to social security for those currently outside the safety net. Job growth mechanics: How PM-VBRY could trigger expansion The scheme's architecture aligns neatly with the realities of India's post-pandemic labour market: Lower hiring costs = Higher recruitment appetite Wage subsidies can make the marginal cost of a new hire 15–20% cheaper for employers, particularly in labour-intensive manufacturing, retail, and logistics. This is a significant hiring catalyst in sectors where payroll costs deter expansion. First-job bonus = Reduced attrition Young employees with a financial incentive tied to staying six months to a year are less likely to leave prematurely. Lower churn rates mean companies spend less on constant rehiring and training. Boost to Tier-2 and Tier-3 cities EPFO-registered firms in smaller towns stand to gain from easier recruitment, potentially decentralising job growth from metros to emerging industrial and service hubs. Multiplier effect in allied industries Job creation in manufacturing and services naturally fuels demand in transport, food services, education, and housing, creating a second wave of indirect employment. The hard numbers: Debunking the gloom narrative The timing of PM-VBRY also challenges the 'jobless growth' perception peddled by selective opinion polls. The NSO's Periodic Labour Force Survey (PLFS) — the gold-standard, ILO-recognised dataset — reports: Unemployment rate (15+) down from 6.0% in 2017–18 to 3.2% in 2023–24. Labour Force Participation Rate up from 49.8% to 60.1%. Youth unemployment down to 10.2%, below the global average of 13.3% (ILO, 2024). 16.83 crore new jobs added between 2017–18 and 2023–24 (RBI KLEMS database). Formalisation is accelerating: 1.29 crore net EPFO subscribers joined in 2024–25, compared to 61.12 lakh in 2018–19. Beyond numbers: Why professionals should pay attention The PM-VBRY is not just for freshers; it could reshape the employment culture in ways that affect experienced professionals: Faster company growth means more vertical movement and the chance to lead expanding teams. Formalisation push means better HR compliance, predictable pay cycles, and benefits coverage. Geographical spread of jobs could give skilled professionals more location flexibility without sacrificing salary levels. A lever for the demographic dividend India's demographic advantage, 65% of its population under 35, is both an asset and a challenge. Without structured entry points into the formal workforce, young potential can easily turn into a demographic liability. PM-VBRY, by directly rewarding hiring and retention, aims to convert that potential into productivity. If implemented with rigour, and paired with existing skilling programmes like Skill India, PMEGP, and the NEP 2020 framework, the scheme could become a pivot point in India's employment story, one that working professionals will feel in promotions, pay cheques, and workplace dynamism over the next two years. Ready to navigate global policies? Secure your overseas future. Get expert guidance now!
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Business Standard
14 hours ago
- Business
- Business Standard
Independence Day 2025: Land your first private job, get Rs 15,000 from govt
Just landed your first job in the private sector? The government will add ₹15,000 to your pay packet. Prime Minister Narendra Modi announced the move on Friday, unveiling the new Pradhan Mantri Viksit Bharat Rozgar Yojana (PM-VBRY) during his Independence Day address from the Red Fort. Standing before the nation on the 79th Independence Day, Modi said the ₹1 trillion plan would start immediately and benefit more than 3.5 crore people. What is PM-VBRY? The scheme came into force on August 1, 2025. Previously called the Employment Linked Incentive (ELI) Scheme, it has a sanctioned outlay of ₹99,446 crore, approved by the Union Cabinet. The government says it will create over 3.5 crore jobs between August 2025 and July 2027, with nearly 1.92 crore of these reserved for first-time entrants into the workforce. Main goals, as per the government: 1. Push job creation to fuel economic growth 2. Encourage hiring across sectors, especially in manufacturing 3. Promote financial inclusion through EPFO registration for all employees How the PM-VBRY scheme works The PM-VBRY offers a two-part incentive structure. Part A – For first-time employees Eligibility: Salaries up to ₹1 lakh a month Incentive: One month's EPF contribution (up to ₹15,000), paid in two instalments — after 6 months of continuous employment and after 12 months, once financial literacy training is completed Long-term security: A portion is locked into a savings instrument for long-term security Part B – For employers Eligibility: Salaries up to ₹1 lakh a month Incentive: Up to ₹3,000 per month for each new hire, for two years. In manufacturing, it extends to the third and fourth years Hiring rules: •Firms with fewer than 50 employees must add at least two workers •Firms with 50 or more employees must add at least five workers •Jobs must be retained for at least six months Payment process India's 79th Independence Day marked Modi's 12th consecutive address from the Red Fort — and his second since beginning his third term as prime minister.
