Lagatar24 Desk
Ranchi: The PM Vikas Bharat Yojana (PMVY) is progressing slowly in Jharkhand, prompting the Employees’ Provident Fund Organisation (EPFO) to intensify promotional efforts. Aimed at boosting job creation, the scheme offers financial incentives to both employers and first-time employees to encourage new employment opportunities.
What The Scheme Offers
Under PMVY, the central government plans to spend ₹99,446 crore over the next two years to generate more than 3.5 crore jobs across the country. It is designed to provide incentives to both first-time employees and their employers to stimulate hiring in the private sector.
Incentives For Employers
Employers will receive a monthly incentive of ₹3,000 per additional employee for two years, applicable to those earning between ₹20,000 and ₹100,000 per month and employed continuously for at least six months. For establishments with fewer than 50 employees, registration with the EPFO is mandatory, and they must hire at least two (or five, depending on size) additional employees to avail the benefits.
Benefits For Employees
First-time employees in the private sector will receive up to ₹15,000 as an incentive allowance from the central government. This amount will be credited to their bank accounts in two installments within a year. No special formalities are required, except that the employing company must be registered with the EPFO.
Scheme Duration
The PMVY began on August 1, 2025, and will run for two years, ending on July 30, 2027. For the manufacturing sector, the duration will be extended by an additional two years, providing a longer window for job creation and industrial growth.
