Highlights
- Yearly Incentive will be provided to Employer and Employee.
- Incentive will be provided to both Employer and Employee according to their EPFO Contribution.
- Incentive under this scheme will be provided for a period of 4 year.
Website
Customer Care
- PM Employment Linked Incentive Scheme B: Job Creation in Manufacturing Contact Details will be soon released by the Government.
Overview of the Scheme |
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Name of Scheme | PM Employment Linked Incentive Scheme B: Job Creation in Manufacturing. |
Launched Year | 2024. |
Scheme Period | 2 Years. |
Benefits | Incentive will be provided to Employer and Employee. |
Beneficiaries | Employer and First Time Employees of Manufacturing Sector. |
Nodal Department | Not known yet. |
Subscribe | Subscribe here to get Update Regarding Scheme |
Mode Of Apply | Through Employment Linked Incentive Scheme B: Job Creation in Manufacturing Application Form. |
Introduction
- On 23rd of July, Finance Minister Shrimati Nirmala Sitharaman presents the budget in the parliament session.
- Prime Minister's Package for Employment and Skilling is announced by her for the youth in which there are 5 Schemes.
- "Employment Linked Subsidy Scheme B: Job Creation in Manufacturing is one of major employment generation scheme in the sector of manufacturing.
- The main objective of Indian Government behind starting this scheme is to encourage youths to join manufacturing sector and takes part in nation building.
- Government of India now provide incentive to both employee in employer of manufacturing sector under Scheme B: Job Creation in Manufacturing Sector of Employment Linked Subsidy Scheme.
- Employer and Employee will now get incentive according to their EPFO contribution from the Government under Employment Linked Incentive Scheme B: Job Creation in Manufacturing.
- This scheme will promote employment in manufacturing sector and encourage employers to recruit first time employee.
- Only first time employee applying in manufacturing sector are eligible to apply for incentive.
- Whereas, it is mandatory for employer to recruit 50 or 25% of baseline employee whichever is lower in order to avail the benefit of Scheme B.
- Corporate or Non Corporate Entities who has a track record of 3 years of EPFO contribution are eligible for yearly incentive under Employment Linked Incentive Scheme B.
- If any employee salary is more than Rs. 1 lakh per month then he/ she is not eligible to apply for yearly incentive.
- Incentive will only calculated on a maximum amount of Rs. 25,000/- per month if the employee salary is higher than that.
- Yearly incentive provided for 4 years equally to employer and employee under Employment Linked Incentive Scheme B: Job Creation in Manufacturing sector are as follows :-
- 24% in 1st Year.
- 24% in 2nd Year.
- 16% in 3rd Year.
- 8% in 4th Year.
- More than 30 lakh youth will get benefit with their employers under Employment Linked Incentive Scheme B in manufacturing sector.
- Rs. 52,000/- Crore Budget will be allocated for the proper implementation of this scheme.
- The time duration of Scheme B of Employment Linked Incentive Scheme is 2 years.
- Incentive will be directly transferred in the EPFO account of employer and employee.
- Application Form, Mode of Application and Remaining Eligibility Conditions of Scheme B of Employment Linked Incentive Scheme will be clear once the guidelines is released.
- We will update the page as soon as we get any information.
Benefits of the Scheme
- Employee and its Employer will get the below mentioned benefits under newly announced Employment Linked Incentive Scheme B: Job Creation in Manufacturing :-
- Yearly Incentive will be provided to Employer and Employee.
- Incentive will be provided to both Employer and Employee according to their EPFO Contribution.
- Incentive under this scheme will be provided for a period of 4 year.
- The following incentive will be paid partly to the employee and partly to the employer for 4 years under Scheme B: Job Creation in Manufacturing of Employment Linked Incentive Scheme :-
Year Incentive Percentage
% of Salary/ Wage shared equally between employer and employee)1 24 2 24 3 16 4 8
Eligibility Criteria
- Benefits of PM Employment Linked Incentive Scheme B: Job Creation in Manufacturing will be provided to those Employer and Employee who fulfil the following eligibility criteria :-
- For Employee :-
- Only First Time Employee in Manufacturing Sector are Eligible.
- Employee should be a In-Sourced Employee.
- Monthly Salary of Employee should not be more than Rs. 1 Lakh per month.
- Incentive will be Calculated on a Maximum Amount of Rs. 25,000/-. (In case when salary is more than 25k)
- For Employer :-
- Employer should have 3 years of track record in EPFO Contribution.
- Employer should hire 25% of baseline or 50 (whichever is lower) Employee which are not enrolled earlier in EPFO.
- Incentive will be Calculated on a Maximum Amount of Rs. 25,000/-. (In case when salary is more than 25k)
- For Employee :-
Documents Required
- The following documents will expected to be required at the time of applying for PM's Employment Linked Incentive Scheme B: Job Creation in Manufacturing :-
- For Employee :-
- Employment Proof/ Joining Letter.
- EPFO Registration Number.
- Aadhar Card.
- Email ID.
- Mobile Number.
- Bank Account Details.
- Passport Size Photo.
- For Employer :-
- Employer Registration Details.
- Employer Photo.
- EPFO Registration Details.
- Complete Buora of Hired First Timer Employee.
- Bank Account Details of Employer.
- For Employee :-
How to Apply
- While presenting the budget on 23-07-2024, Finance Minister Smt. Nirmala Sitharaman announced Employment Linked Incentive Scheme B for Job Creation in Manufacturing Sector.
- Indian Government's concerned department will draft the Guidelines of Employment Linked Incentive Scheme B: Job Creation in Manufacturing.
- Then the Cabinet of Indian Government will approve it and give its nod to implement this scheme in whole country.
- This is the only information about PM Employment Linked Incentive Scheme B: Job Creation in Manufacturing is available right now.
- Application Process of Employment Linked Incentive Scheme B: Job Creation in Manufacturing is also not clear yet.
- Government of India decides the mode of application whether to accept applications through Online Application Form or through Offline Application Form.
- Website of Employment Linked Incentive Scheme B: Job Creation in Manufacturing might also made for employer and employees to apply in case of online mode of application.
- Application Procedure of Employment Linked Incentive Scheme B: Job Creation in Manufacturing is cleared after the release of Guidelines.
- We will update the information about Employment Linked Incentive Scheme B for Job Creation in Manufacturing as soon as we get any.
Important Links
- PM Employment Linked Incentive Scheme B: Job Creation in Manufacturing Application Form along with its guidelines will be released very soon by the concerned department.
Contact Details
- PM Employment Linked Incentive Scheme B: Job Creation in Manufacturing Contact Details will be soon released by the Government.
Person Type | Scheme Type | Govt |
---|---|---|
Matching schemes for sector: Job
Sno | CM | Scheme | Govt |
---|---|---|---|
1 | Agnipath Scheme | CENTRAL GOVT | |
2 | PM Employment Linked Incentive Scheme A: First Timers | CENTRAL GOVT | |
3 | PM Employment Linked Incentive Scheme C: Support to Employers | CENTRAL GOVT | |
4 | Bima Sakhi Yojana | CENTRAL GOVT |
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