First-time job seekers to receive ₹15,000 in their accounts, Labour Ministry tweets

New Delhi (The Uttam Hindu): If you are about to start your first job or are looking for employment, there is great news for you. The central government is now going to provide financial incentives to youth joining new jobs. The Ministry of Labor and Employment has informed through a tweet that under the 'Pradhan Mantri Vikas Bharat Rojgar Yojana' (PMVRY), the government will provide an incentive amount of Rs 15,000 to eligible employees. The ministry has advised the youth to apply to avail the benefits of this scheme.

Who will get the benefit of this scheme and how?

According to information provided by the Ministry, this ₹15,000 amount will only be given to those who are working for the first time and are registering with the Employees' Provident Fund Organization (EPFO). As soon as a young person starts a job and opens a PF account, they become registered with the EPFO. After this, once their account is linked to Aadhaar, they become eligible for this scheme. To receive this incentive, workers can register online by visiting pmvry.labour.gov.in. This entire process can be completed digitally from home.

PF withdrawal rules eased for old employees

While the government is providing funds to new employees, withdrawing funds has become easier than ever for existing EPFO members. Under the new PF rules, you can easily withdraw funds for your own or your family's wedding, home purchase, home renovations, children's education, or medical treatment. Reports suggest that the EPFO will soon introduce ATM card withdrawals, eliminating the need for account holders to visit offices repeatedly.

How much money can I withdraw on losing my job or getting married?

The amount of PF withdrawal depends on your needs and savings. According to the rules, if you lose your job, you can immediately withdraw 75% of your total PF. However, if you remain unemployed for 12 consecutive months, you can withdraw the remaining 25% and close the account. Additionally, up to 50% of the accumulated balance can be withdrawn after completing 7 years of service for wedding expenses. The rules for medical treatment are significantly relaxed; there is no service period requirement, and you can withdraw the entire amount or up to 6 months' salary for treatment.