Unemployment rate stood at 4.8% in FY20: Rameswar Teli

The rate of unemployment in India for persons 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 said.

“The government of India has taken a number of initiatives for promoting employment generation in the country,” the minister said in response to a question in Lok Sabha on whether the unemployment rate in the country has gone up in the last six months.

According to the minister, the government had earlier launched the Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) to incentivise employers for creation of new employment.

Under the scheme, which was valid till March 31, 2019, the government will contribute 12% of the employer’s share for a period of three years to the new employees earning upto Rs. 15,000/- through EPFO.

Last year in the wake of the pandemic, the government launched the Aatmanirbhar Bharat Rojgar Yojana (ABRY) with effect from October 1, 2020 to incentivize employers for creation of new employment along with social security benefits and restoration of employment.

This scheme, being implemented through EPFO, seeks to reduce the financial burden of the employers and encourages them to hire more workers.

Under ABRY, the government is providing for a period of two years, both the employees’ share (12% of wages) and employers’ share (12% of wages) of contribution or only employees’ share of contribution depending on employment strength of the EPFO registered establishments, for new employees whose monthly wage is less than Rs 15,000 per month.

See also  Dow, SP 500 slide as focus shifts to earnings; Nasdaq gains

The new employees under the scheme includes those who have lost their employment during Covid-19 pandemic and did not join any EPF covered establishment upto September 30, 2020. The terminal date for registration of beneficiaries under ABRY has been extended from June 30, 2021 to March 31, 2022.

The Annual Periodic Labour Force Survey (PLFS) on employment and unemployment is conducted by National Statistical Office (NSO), ministry of statistics and programme implementation and the annual PLFS data is available upto 2019-20, the minister informed.



Please enter your comment!
Please enter your name here