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By Madhur Singh
Aug. 22—The government will pay the employer's share of 8.33 percent of wages to the Employees Pension Scheme for new workers employed in existing or new businesses under an employment generation program that began Aug. 9.
For workers in the textiles sector, the government will also pay the employer's provident fund contribution of 3.67 percent.
The program applies to workers earning up to 15,000 rupees ($223) per month.
According to guidelines issued by the Ministry for Labour and Employment, benefits will apply to any new employees who obtain a Universal Account Number with the Employees' Provident Fund Organization of India, which oversees contributory pension, provident fund and insurance programs for workers in the organized sector. The employer would also need the requisite registration with the EPFO.
To qualify for the program, an employer would need to add new employees to a “reference base” of workers—for the current fiscal year, those employed on March 31, 2016. Businesses set up after March 31 and employing workers from a reference base of zero will also be eligible.
Benefits will be available for three years, provided the same workers are employed by the same employer.
To contact the reporter on this story: Madhur Singh in Chandigarh at email@example.com
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Additional information on the government program is available here.
For more information on Indian HR law and regulation, see the India primer.
Copyright © 2016 The Bureau of National Affairs, Inc. All Rights Reserved.
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