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PM-VBRY offers incentives of up to Rs 15,000 to first-time employees
ਖ਼ਬਰਾਂ ਵਿੱਚ ਕਿਉਂ?
Rs 15,000 for a first job: which body pays PM-VBRY, and why Prelims scheme questions hinge on it
PM-VBRY, run through EPFO, pays up to Rs 15,000 to first-time formal-sector employees.
Why it matters: asked in UPSC 2018; factual, Prelims-type
What you need to know
2 ਮਿੰਟ
The Pradhan Mantri Viksit Bharat Rozgar Yojana (PM-VBRY) is operated through the Employees' Provident Fund Organisation.
It gives a financial incentive of up to Rs 15,000 to employees who join the formal workforce for the first time.
The scheme aims to encourage formal job creation and the first entry of young workers into provident fund coverage.
ਸਰੋਤ: Topper IAS editorial (PIB / The Hindu / Indian Express)
ਮੁੱਖ ਤੱਥ
Remember these
- PM-VBRY = Pradhan Mantri Viksit Bharat Rozgar Yojana
- Operated through the Employees' Provident Fund Organisation (EPFO)
- Incentive of up to Rs 15,000 for employees joining the formal workforce for the first time
- Aim: encourage formal job creation and first entry of young workers into provident fund coverage
- EPFO is a statutory body under the Ministry of Labour and Employment
ਪ੍ਰੀਲਿਮਜ਼ · ਮੇਨਜ਼
How the exam will ask it
ਪ੍ਰੀਲਿਮਜ਼
- PM-VBRY gives a financial incentive of up to Rs 15,000 to first-time employees in the formal sector.
- The scheme is operated through the Employees' Provident Fund Organisation (EPFO), not through ESIC or NSDC.
- One objective of the scheme is to bring young workers into provident fund coverage for the first time.
ਮੇਨਜ਼
GS-III (Employment, inclusive growth): India's workforce is largely informal, which limits social security coverage and productivity. PM-VBRY uses EPFO to pay an entry incentive that encourages formal hiring and first-time provident fund enrolment. The way forward is to track job retention beyond the incentive period, keep compliance costs low for small employers and link the scheme with skilling.
PYQ connection
A question UPSC has already asked on this
With reference to Pradhan Mantri Kaushal Vikas Yojana, consider the following statements
- It is the flagship scheme of the Ministry of Labour and Employment.
- It, among other things, will also impart training in soft skills, entrepreneurship, financial and digital literacy.
- It aims to align the competencies of the unregulated workforce of the country to the National Skill Qualification Framework.
Which of the statements given above is/are correct?
- 1 and 3 only
- 2 only
- 2 and 3 only
- 1, 2 and 3
ਜਵਾਬ ਵੇਖੋ
ਜਵਾਬ: C
Why this matters: today's issue is directly connected to a concept UPSC has already tested. Read the story with this question in mind.
Practise this PYQ →Quick recall
Answer before you reveal
The Pradhan Mantri Viksit Bharat Rozgar Yojana (PM-VBRY), which offers an incentive of up to Rs 15,000 to first-time employees in the formal sector, is operated through the:
- Employees' State Insurance Corporation
- National Skill Development Corporation
- Pension Fund Regulatory and Development Authority
- Employees' Provident Fund Organisation
ਜਵਾਬ ਵੇਖੋ
ਜਵਾਬ: D — The correct answer is Employees' Provident Fund Organisation. PM-VBRY incentives are routed through EPFO so that first-time employees enter provident fund coverage.
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