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India offers apparel-textile workers pension scheme benefit
31 Mar '18
1 min read
The Indian Government recently decided to bring employees working in the apparel and textile sectors who were not covered under the pension scheme of the Employees' Provident Fund Organisation (EPFO), under the scheme. It will bear the 12 per cent of the basic salary that employers are mandated to make towards pension for the first three years for new employees.
The government hopes to create 1 crore new jobs through this initiative. The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, took the decision, according to a news agency report.
Since the launch of scheme, called Pradhan Mantri Rojgar Protsahan Yojana (PMRPY), in August 2016, around 30 lakh workers have already benefited, labour minister Santosh Kumar Gangwar said.
The government bears 8.33 per cent employers’ contribution to the Employees’ Pension Scheme (EPS) for new workers under PMRPY. (DS)
The government hopes to create 1 crore new jobs through this initiative. The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, took the decision, according to a news agency report.
Since the launch of scheme, called Pradhan Mantri Rojgar Protsahan Yojana (PMRPY), in August 2016, around 30 lakh workers have already benefited, labour minister Santosh Kumar Gangwar said.
The government bears 8.33 per cent employers’ contribution to the Employees’ Pension Scheme (EPS) for new workers under PMRPY. (DS)
Fibre2Fashion News Desk – India
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