In a push to accelerate formal employment and improve social-security coverage, the government is gearing up to launch the Pradhan Mantri Viksit Bharat Rozgar Yojana (PM-VBRY) across the country on 1 August. The initiative, recently approved by the Union Cabinet, is aimed at creating new employment opportunities, especially in the manufacturing sector, while promoting financial inclusion for workers.
The Employees’ Provident Fund Organisation (EPFO) is actively driving awareness of the scheme ahead of its launch. The scheme will be implemented across all EPFO offices to ensure broad coverage and participation.
PM-VBRY is designed with two key components. Under Part A, first-time employees who begin working on or after 1 August and are registered with the EPFO will be eligible for a one-time incentive of Rs 15,000. The benefit will be disbursed in two instalments — the first after six months of continuous employment and the second after completing a financial literacy programme. Part of this incentive will be credited to a locked savings account to promote long-term financial planning.
Part B of the scheme targets employers by offering financial incentives for job creation. Companies in the manufacturing sector will receive support for four years, while establishments in other sectors will be covered for two years.
With a total financial outlay of Rs 99,446 crore over four years, the government aims to generate 3.5 crore new jobs through the scheme. In Telangana alone, EPFO data shows over 49 lakh contributory members, 1.34 lakh registered establishments, and more than 31 lakh claims settled in the 2024–25 financial year, indicating the scale at which the scheme could make an impact.
