Here’s some good news for first-time job seekers and their employers: starting 1 August, first-time employees joining the workforce will receive an Rs 15,000 incentive courtesy of the Union government’s newly rolled out Pradhan Mantri Viksit Bharat Rozgar Yojana (PM-VBRY). So, if you’ve just landed your first gig, congratulations—your bank balance might soon thank you!
Vishal Agarwal, the Regional Provident Fund Commissioner for Sangareddy, announced the scheme at a press briefing. With the government aiming to formalize employment and enhance social security coverage, this fresh initiative appears to be a win-win for both job creators and job seekers.
The PM-VBRY, with a Rs 99,446 crore budget earmarked over the next four years, hopes to generate a jaw-dropping 3.5 crore new jobs across India.
How Does It Work?
The scheme has 2 parts.
Part A is for the first-time employees who register with the Employees’ Provident Fund Organisation (EPFO) through their Universal Account Number (UAN). These lucky newbies will receive Rs 15,000 in two installments—one after six months on the job, and another after completing a financial literacy program.
The catch? Part of this money will be locked away in a savings account to encourage long-term financial discipline.
Think of it as a “tough love” deposit for your future self.
Part B turns the spotlight on employers, offering incentives for job creation. While companies in general sectors will get support for two years, those in the manufacturing sector can enjoy benefits for as long as four years. A clever nudge to promote industrial growth alongside employment.
To put things in perspective locally, Telangana’s EPFO is no small player. Last fiscal year, it settled over 31 lakh claims and currently boasts over 49 lakh contributory members across 1.34 lakh registered establishments. With PM-VBRY rolling out across all EPF offices nationwide, the aim is to ensure everyone—from the startup recruiter to the fresh graduate—feels the buzz.
So, if you’re stepping into the world of work for the first time this August, the government isn’t just handing you a job; it’s handing you a little green boost—with a side of financial savvy. Not bad for a start, right?
