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India to revamp employee scheme

Despite the special package for the textile and garment sector unveiled by India in June last year, fresh employee registrations from the sector under the employees provident fund (EPF) scheme have been just 40,800 so far.

The Pradhan Mantri Paridhan Rozgar Protsahan Yojana (PMPRPY) was expected to create a crore of new jobs, increase India’s exports of textiles and garments by 30 billion dollars and result in Rs 74,000 crores of investments in the employment-intensive sector over three years.

The PMPRPY scheme has had a slow start, but it is now picking up. The rise in numbers could be attributed to more awareness of the scheme, attractive benefits for employers and the EPF’s amnesty scheme that remained valid for six months till June last.

Under the amnesty scheme, the government bears employers’ contribution of 8.33 per cent of basic pay to the Employees’ Pension Scheme (EPS) for new employees even if new posts are not created by the firm. The benefit was earlier available only for new posts created.

The PMPRPY scheme for the apparel sector was subsequently extended to the made-ups sector too. A budget of Rs 6,006 crores was approved for the scheme.

A revamped awareness program and a logo for the PMPRPY scheme will be unveiled soon.

 
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