Pension Scheme Contribution-PMRPY

A new Scheme “Pradhan Mantri Rojgar Protsahan Yojana” has been announced in the Budget for 2016-17

The Objective

  • Promoting employment generation and an allocation of Rs. 1000 crores has been made.
  • The scheme is being implemented by the Ministry of Labour and Employment in 2016-17.
  • The PMRPY scheme is targeted for workers earning wages upto Rs. 15,000/- per month.
  • For the purpose of the scheme, a new employee is one who has not been working elsewhere on a regular basis prior to 1st April, 2016 and has a new Aadhaar seeded Universal Account Number (UAN) on or after 01.04.2016.
  • Under the scheme employers would be provided an incentive for enhancing employment where the 8.33% EPS contribution made by the employer will be paid by Government of India in respect of new employment from August, 2016 onwards.

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