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Unemployment rate stood at 4.8% in FY20: Rameswar Teli

The speed of unemployment in India for individuals 15 years and above stood at 6%, 5.8% and 4.8% respectively for 2017-18, 2018-19 and 2019-20, minister of state for labour and employment Rameswar Teli mentioned.

“The federal government of India has taken numerous initiatives for selling employment era within the nation,” the minister mentioned in response to a query in Lok Sabha on whether or not the unemployment rate within the nation has gone up within the final six months.

In line with the minister, the federal government had earlier launched the Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) to incentivise employers for creation of latest employment.

Underneath the scheme, which was legitimate until March 31, 2019, the federal government will contribute 12% of the employer’s share for a interval of three years to the brand new staff incomes upto Rs. 15,000/- by way of EPFO.

Final yr within the wake of the pandemic, the federal government launched the Aatmanirbhar Bharat Rojgar Yojana (ABRY) with impact from October 1, 2020 to incentivize employers for creation of latest employment together with social safety advantages and restoration of employment.

This scheme, being carried out by way of EPFO, seeks to scale back the monetary burden of the employers and encourages them to rent extra employees.

Underneath ABRY, the federal government is offering for a interval of two years, each the workers’ share (12% of wages) and employers’ share (12% of wages) of contribution or solely staff’ share of contribution relying on employment power of the EPFO registered institutions, for brand spanking new staff whose month-to-month wage is lower than Rs 15,000 per 30 days.

The brand new staff beneath the scheme contains those that have misplaced their employment throughout Covid-19 pandemic and didn’t be part of any EPF coated institution upto September 30, 2020. The terminal date for registration of beneficiaries beneath ABRY has been prolonged from June 30, 2021 to March 31, 2022.

The Annual Periodic Labour Force Survey (PLFS) on employment and unemployment is carried out by Nationwide Statistical Workplace (NSO), ministry of statistics and programme implementation and the annual PLFS knowledge is offered upto 2019-20, the minister knowledgeable.

https://economictimes.indiatimes.com/information/economic system/indicators/unemployment-rate-stood-at-4-8-in-fy20-rameswar-teli/articleshow/84761388.cms | Unemployment price stood at 4.8% in FY20: Rameswar Teli

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