ABRY was announced as a part of Aatmanirbhar Bharat 3.0 package to boost the economy, increase the employment generation in post Covid recovery phase and to incentivize creation of new employment along with social security benefits and restoration of loss of employment during COVID-19 pandemic.
1. This scheme being implemented through the Employees Provident Fund Organization (EPFO), reduces the financial burden of the employers of various sectors/industries and encourages them to hire more workers.
2. Under ABRY, Government of India is crediting for a period of two years both the employees’ share (12% of wages) and employers share’ (12% of wages) of contribution payable or only the employees’ share, depending on employment strength of the EPFO registered establishments. Under ABRY benefits are provided to every establishment registered with EPFO and their new employees (earning wage less that Rs. 15,000/- per month) if the establishments take new employees on or after 1.10.2020 and upto 30th June, 2021 or those who lost jobs between 01.03.2020 to 30.09.2020.;
3. The scope of the scheme i.e. last date for registration of new employees under the scheme has been extended from 30th June 2021 to 31st march 2022 with the approval of CCEA in its meeting held on 30.06.2021. Approximately 71.8 Lakh employees are likely to get benefited during the scheme period. The beneficiaries registered upto 31st March, 2022 will continue to receive the benefits for 2 years from the date of registration under the scheme.