Prime Minister Narendra Modi on Friday launched Viksit Bharat Rojgar Yojana, a youth employment scheme worth Rs1 lakh crore.
"The government is launching today, August 15, Rs 1 lakh crore Pradhan Mantri Viksit Bharat Rojgar Yojana, under which the government will provide Rs 15,000 to youths getting jobs in private companies. It is expected to provide jobs to about 3.5 crore youth," said PM Modi while addressing the nation from the Red Fort on Independence Day.
The government will also give incentives to companies for creating more jobs for freshers.
He also urged India youth to innovate. "Never let your ideas die. I stand with you and am ready to work as your partner. Come forward, gather courage—I am with you. The government’s rules need to change—tell me how. This nation does not want to stop. 2047 is not far away, every moment is precious, and we do not want to waste a single one.," he said.
The PM said the past decade was of reform, perform and transform. "Now we have to focus on greater goals," he said.
According to News18, 1.92 crore beneficiaries will be first timers, entering the workforce. The benefits of the scheme would be applicable to jobs created between August 1, 2025, and July 31, 2027.
The scheme is in alignment with the Modi regime’s Viksit Bharat vision, reflecting its commitment.
How will the scheme work?
According to reports, the government will pay Rs 15,000 to anyone who secures their first job in the private sector, aside from incentivising employers too, until July 31, 2027. The first installment will be paid after six months of service, stated a report by CNBC-TV18. The second installment will be due after 12 months of service and will be deposited in a savings instrument to promote long-term savings.
All salaried employees earning up to Rs 1 lakh per month are eligible for the scheme.
Under the PM-VBRY, one has to be registered under the Employees' Provident Fund Organisation (EPFO) to be eligible for the direct financial incentive from the government.
He or she must not be a member of EPFO or Exempted Trust before August 1, 2025. The EPF contribution should be received from August 2025 or later. The monthly gross wage must be Rs 1 lakh or below. A report by CNBC-Tv18, employee must remain continuously employed in the same establishment for at least six months.
The scheme consists of two parts, with Part A focused on first timers and Part B focused on employers. Targeting first-time employees registered with EPFO, Part-A will offer one-month EPF wage up to Rs 15,000 in two instalments.
Establishments, which are registered with EPFO, must hire at least two additional employees (for employers with less than 50 employees) or five additional employees (for employers with 50 or more employees), on a sustained basis for at least six months.
According to News18, all payments to the First Time Employees under Part A of the Scheme will be made through DBT (Direct Benefit Transfer) mode using the Aadhar Bridge Payment System (ABPS). Payments to the employers under Part B will be made directly into their PAN-linked Accounts.
How to claim benefits?
•Get EPFO code via Shram Suvidha Portal
•Register on the EPFO portal
•Hire new employees with a monthly salary up to ₹1 lakh
•File monthly ECR returns with PF contributions
•Maintain additional staff for at least six months
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