The deadline for new employees and new companies to register with the Prime Minister’s Rozgar Protsahan Yojana (PMRPY) portal is 31 March, 2019. Post this deadline, registrations will be disabled and the benefits under the scheme will not be available.
The employees who are already registered will stand to benefit for three years from the time of joining.
All establishments covered under the Employees’ Provident Fund Organisation (EPFO) need to register themselves by 31 March, 2019.
The PMRPY scheme aims to incentivise employers so that they generate new employment. As per the scheme, the Government of India will be paying the full employer’s contribution towards EPF & EPS with effect from 1 April, 2018 for the new employment. Earlier, the benefit was applicable to employers’ contribution towards EPS only.
The double benefit of PMRPY is that the employer gets an incentive to increase the employment base of workers in the company, and also, a large number of workers get employment in such establishments.
These workers are able to avail of social security benefits of the organised sector.
The programme will run for a period of three years and the Government will continue to pay the 8.33 per cent EPS contribution on behalf of the employer for the next three years. All new eligible employees will stand to gain from the PMRPY Scheme till 2019-20.