✅It was launched in 2020.
✅This was designed to stimulate the creation of new job opportunities by extending financial support to employers of establishments registered with the Employees’ Provident Fund Organization (EPFO).
✅This scheme aimed to incentivise employment of unemployed individuals, including those who lost their jobs due to the pandemic, by covering both the employee and employer contributions (24% of wages) for establishments with up to 1000 employees.
✅For establishments with over 1000 employees, only the employee’s EPF contributions (12% of wages) were covered in respect of new employees.
✅As of July 31, 2023, the ABRY has already achieved an enrolment of over 7.58 million new employees, surpassing its initial employment generation target.
✅Significance: It substantially contributed to the job market’s revival, underscoring its role in boosting economic recovery during these challenging times.