PM Modi Launches ₹1 Lakh Crore ‘Pradhan Mantri Viksit Bharat Rozgar Yojana’
Prime Minister Narendra Modi on Friday announced the launch of the Pradhan Mantri Viksit Bharat Rozgar Yojana (PMVBRY) — a ₹1 lakh crore scheme to boost job creation and support youth entering the workforce. Addressing the nation from the Red Fort on the 79th Independence Day, he said the scheme will take effect immediately and benefit over 3.5 crore people.
The Ministry of Labour & Employment, which had secured Cabinet approval for the employment-linked incentive (ELI) scheme last month, said Pradhan Mantri Viksit Bharat Rozgar Yojana (PMVBRY) aims to create more than 3.5 crore jobs in two years, of which 1.92 crore will be first-time entrants into the workforce.
“The name reflects the vision of the Viksit Bharat initiative and the government’s commitment to inclusive and sustainable employment opportunities,” the Ministry stated.
Scheme Structure
The scheme has two components:
Part A – Incentive for First-Time Employees
For those registered with the Employees’ Provident Fund Organisation (EPFO).
One month’s EPF wage (up to ₹15,000) provided in two instalments.
Eligible for employees earning up to ₹1 lakh/month.
First instalment after 6 months of service, second after 12 months and completion of a financial literacy programme.
A portion of the incentive will be held in a savings instrument to encourage long-term saving.
Payments made via DBT using the Aadhaar Bridge Payment System (ABPS).
Part B – Support for Employers
Incentives for creating additional jobs in all sectors, with special focus on manufacturing.
₹3,000/month per new employee for two years (extended to third and fourth years for manufacturing).
Applies to employees earning up to ₹1 lakh/month.
Employers must hire at least two additional employees (if workforce <50) or five (if ≥50) for at least six months.
