The flagship programme launched to benefit employees through incentising employers has since its launch benefited 1 crore employees by providing 12% contribution on behalf of employers towards EPF and EPS scheme for a period of 3 years for those who become EPFO member as on or after April 1, 2016 and have a salary of up to Rs. 15,000 per month.
The scheme implemented by the Ministry of Labour and Employment through the Employees' Provident Fund Organisation (EPFO) was announced on August 7, 2016.
"During 2016-17, 2017-18 and 2018-19 (up to January 15, 2019), 33,031, 30,27,612, and 69,49,436 beneficiaries, respectively, have been enrolled with EPFO under PMRPY. The number of establishments who have benefitted during the implementation of the scheme is 1.24 lakh," the statement said. It said the entire system is online and Aadhaar-based with no human interface in the implementation of the scheme.
"PMRPY has a dual benefit - on the one hand the employer is incentivised for increasing the employee base in the establishment through payment of EPF contribution of 12 per cent of wage, which otherwise would have been borne by the employer and on the other hand, a large number of workers find jobs in such establishments. "A direct benefit is that these workers have access to social security benefit through provident fund, pension and death-linked insurance. The last date for registration of beneficiaries through an establishment under the PMRPY is March 31, 2019," it added.