India’s ABRY Scheme Surpasses Goals, Creating 7.58M Jobs Amid Pandemic
India’s innovative employment incentive scheme, the Aatmanirbhar Bharat Rozgar Yojana (ABRY), has surpassed its initial employment generation targets, demonstrating its success in promoting job creation and recovery during the COVID-19 pandemic. The Ministry of Labour and Employment announced that the scheme had aimed to benefit approximately 7.18 million employees across the country by its registration deadline in March 2022. However, as of July 31, 2023, the ABRY scheme has already achieved an enrollment of over 7.58 million new employees, exceeding its initial employment generation target.
The Ministry highlighted that a total of 152,380 establishments, employing 6,044,155 new employees, have availed benefits under the ABRY scheme, amounting to a sum of INR 9,669,870,000. Launched in October 2020, the scheme was designed to stimulate the creation of new job opportunities by extending financial support to employers registered with the Employees’ Provident Fund Organization (EPFO).
The primary focus of the ABRY scheme is to incentivize the employment of unemployed individuals, including those who lost their jobs due to the pandemic. It covers both the employee and employer contributions (24% of wages) for establishments with up to one thousand employees. For establishments with over one thousand employees, only the employee’s EPF contributions (12% of wages) are covered for new employees.
The scheme ensures the disbursement of benefits to eligible establishments and employees on a monthly basis, following specific eligibility criteria. With its emphasis on revitalizing the job market, the ABRY scheme plays a crucial role in boosting economic recovery during these challenging times.
India’s efforts to promote employment and provide financial support to businesses through the ABRY scheme have yielded positive results. The scheme’s success in surpassing its employment generation targets showcases the government’s commitment to job creation and the resilience of India’s workforce amidst the pandemic. As the country continues its path towards economic recovery, the ABRY scheme stands as a testament to the government’s proactive approach in addressing the challenges brought on by the global health crisis.
The ABRY scheme has received praise for its comprehensive approach to combating unemployment and supporting employers. By covering both employee and employer contributions, the scheme encourages businesses to hire new employees and retain their workforce, providing stability and promoting economic growth. As India strives to overcome the adverse effects of the pandemic, the ABRY scheme serves as a beacon of hope, offering tangible solutions to the employment challenges the country faces.
In conclusion, India’s Aatmanirbhar Bharat Rozgar Yojana (ABRY) has achieved remarkable success in exceeding its initial employment generation targets. With over 7.58 million new employees enrolled under the scheme, the ABRY scheme has played a significant role in fostering job creation and economic recovery amidst the COVID-19 pandemic. As India continues its journey towards rebuilding and revitalizing its economy, the ABRY scheme remains a vital tool in supporting businesses and empowering individuals with new employment opportunities.
