PM-VBRY Completes One Year: 72 Lakh First-Time Workers Join Formal Workforce
The Pradhan Mantri Virasat Ka Samvardhan (PM-Vikas) Yojana has marked its first anniversary, successfully integrating over 72 lakh new workers into India's formal sector.
Source: GNews PM SchemeThe Pradhan Mantri Virasat Ka Samvardhan (PM-Vikas) Yojana, also known as PM-VBRY, recently completed one year since its launch. This scheme aims to provide social security benefits to first-time employees in the formal sector. In its first year, PM-VBRY successfully brought over 72 lakh first-time workers into the formal workforce. These workers now receive benefits like Employees' Provident Fund (EPF) and Employees' State Insurance (ESI). The scheme was launched to boost employment generation and formalisation of the workforce, especially after the economic impact of the pandemic. PM-VBRY incentivizes employers to hire new employees by contributing a portion of their provident fund and employee state insurance contributions. This initiative plays a crucial role in expanding social security coverage across the country.
This news is important for competitive exams, especially for topics related to Government Schemes, Economy, and Social Security in India. Aspirants should understand the objectives and impact of PM-VBRY, as it directly relates to employment generation and formalisation of the workforce, which are key areas in UPSC GS Paper II (Governance) and SSC General Awareness. Knowledge of such schemes helps in analyzing government's efforts towards economic development and social welfare.
- PM-VBRY completed one year since its launch.
- Over 72 lakh first-time workers joined the formal workforce under PM-VBRY.
- The scheme provides social security benefits like EPF and ESI.
- PM-VBRY incentivizes employers to hire new employees.
- The scheme aims to boost employment generation and formalisation.
- It expands social security coverage across India.
Pradhan Mantri Virasat Ka Samvardhan (PM-Vikas) Yojana is a government scheme launched to encourage employers to hire new employees by providing financial support for their social security contributions. It aims to formalize the workforce and extend social security benefits to first-time employees.
The formal workforce refers to workers who are employed in registered organizations and receive social security benefits like provident fund, gratuity, and health insurance. These jobs typically offer better working conditions and legal protection compared to the informal sector.
EPF is a mandatory savings scheme for salaried employees in India, managed by the Employees' Provident Fund Organisation (EPFO). Both employees and employers contribute a percentage of the employee's salary to this fund, which provides a lump sum payment upon retirement or resignation.
Exams frequently ask about the objectives, target beneficiaries, and implementing agencies of major government schemes. Focus on the 'what, why, and how' of PM-VBRY for UPSC and SSC exams.
Remember PM-VBRY as 'Vikas for Bharat's Rozgar Yojana' focusing on development through employment for India.
Frequently Asked Questions
What is the main objective of the PM-VBRY scheme?
The main objective of the PM-VBRY scheme is to incentivize employers to create new jobs and formalize the workforce. It aims to provide social security benefits like EPF and ESI to first-time employees, thereby expanding social security coverage in India.
Which organization implements the PM-VBRY scheme?
The PM-VBRY scheme is implemented through the Employees' Provident Fund Organisation (EPFO). EPFO is responsible for managing the provident fund and pension schemes for the organized sector in India.
What benefits do workers receive under PM-VBRY?
Under PM-VBRY, first-time workers joining the formal workforce receive social security benefits such as Employees' Provident Fund (EPF) and Employees' State Insurance (ESI). These benefits provide financial security and healthcare coverage.