New Delhi: Prime Minister Narendra Modi, in his Independence Day address from the Red Fort, announced the launch of the Pradhan Mantri Viksit Bharat Rozgaar Yojana (PMVBRY), a ₹99,446 crore initiative aimed at creating over 3.5 crore jobs in two years. The scheme, effective from today, will apply to jobs created between August 1, 2025, and July 31, 2027, with a special focus on the manufacturing sector.
Under Part A, first-time employees registered with EPFO and earning up to ₹1 lakh will receive an EPF wage incentive of up to ₹15,000 in two instalments, paid via DBT after six and twelve months of service, along with a financial literacy programme. A portion of this amount will be kept in a savings instrument to encourage long-term savings.
Part B offers employers registered with EPFO incentives of up to ₹3,000 per month per new employee for two years, extendable to four years in manufacturing. To qualify, employers must add at least two workers (if staff strength is under 50) or five workers (if staff is 50 or more) and retain them for a minimum of six months.
The scheme, aligned with the government’s Viksit Bharat 2047 vision, aims to spur private sector hiring and provide sustainable employment opportunities for India’s youth.