Latest News | First-time Job Seekers Benefit Most by PMVBRY: Provident Fund Official
Get latest articles and stories on Latest News at LatestLY. Pradhan Mantri Viksit Bharath Rozgar Yojana (PMVBRY) is a great help to first-time job seekers who often are perceived as lacking in basic skills, said Salil Sankar, Regional PF Commissioner I, EPFO, on Thursday.
Bengaluru, Jul 31 (PTI) Pradhan Mantri Viksit Bharath Rozgar Yojana (PMVBRY) is a great help to first-time job seekers who often are perceived as lacking in basic skills, said Salil Sankar, Regional PF Commissioner I, EPFO, on Thursday.
He was addressing an awareness session on PMVBRY organised by the Bangalore Chamber of Industry and Commerce (BCIC) in Bengaluru.
According to him, employers hesitate to hire first-time job seekers, keeping the cost to the company due to initial low productivity in mind.
"PMVBRY directly addresses these issues by partially offsetting the initial costs associated with taking up a job, be it search, transportation, or housing," said Sankar.
For employers, incentives range from 10per cent of wages (up to Rs 10,000) to a flat Rs 3,000 per month for each additional employee, depending on their gross monthly wages (up to Rs 1,00,000), said Sankar.
"These incentives are available for two years across all sectors and for four years in the manufacturing sector," said Sankar.
He said such interventions are necessary as the unemployment rates among the first-time job seekers exceed 9 per cent, far higher than the overall national average of 4 per cent.
Pavan Jasti, Regional Commissioner-II, EPFO, who also addressed a session, said the process is streamlined for both employers and employees to ensure seamless adoption of the scheme.
"Aadhaar-based face authentication coupled with direct benefit transfers makes participation straightforward," he added.
The awareness session also featured an open discussion with HR professionals, industry leaders, and policy stakeholders, who explored integration models for aligning the scheme's benefits with organisational development plans.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)