PM Employment Linked Incentive Scheme B: Job Creation in Manufacturing

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Submitted by shahrukh on Mon, 19/08/2024 - 16:43
CENTRAL GOVT CM
Scheme Open
PM Employment Linked Incentive Scheme B: Job Creation in Manufacturing Information
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.
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
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.
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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.
Employment Linked Incentive Scheme B Complete 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
Employment Linked Incentive Scheme B Benefits

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)

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.

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

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