Empowering First-Time Job Seekers: How PMVBRY Transforms Employment Landscape
Pradhan Mantri Viksit Bharath Rozgar Yojana (PMVBRY) aids first-time job seekers by offsetting initial employment costs and offering financial incentives to employers. The scheme addresses high unemployment rates among newcomers, streamlines processes with Aadhaar authentication, and encourages participation from industries through integration with organizational development strategies.
- Country:
- India
Pradhan Mantri Viksit Bharath Rozgar Yojana (PMVBRY) is making strides in supporting first-time job seekers by addressing their perceived lack of skills and high initial employment costs, according to Salil Sankar, Regional PF Commissioner I, EPFO.
Speaking at an awareness session hosted by the Bangalore Chamber of Industry and Commerce, Sankar highlighted that employers often hesitate to hire newcomers due to concerns over low initial productivity and costs. PMVBRY aims to mitigate these challenges by offering various financial incentives to employers.
The scheme provides monetary benefits ranging from 10% of wages to Rs 3,000 monthly for each additional employee, designed to encourage hiring across sectors. With a streamlined, Aadhaar-based system facilitating participation, PMVBRY is set to bring meaningful change to the employment landscape by reducing the unemployment rate among first-time job seekers.
(With inputs from agencies.)
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