New Delhi: For first-time job seekers across India, there’s good news from the Ministry of Labour and Employment.
Under the newly-launched Pradhan Mantri Viksit Bharat Rojgar Yojana (PMVRY), first-time formally employed individuals registered under the Employees’ Provident Fund Organisation (EPFO) will receive an incentive of up to ₹15,000.
According to the ministry’s official post on social media platform X, the scheme aims to encourage formal employment among youth entering the workforce for the first time. Eligible employees can register online through the official portal — pmvry.labour.gov.in. The initiative aligns with the government’s broader vision of promoting inclusive growth and generating sustainable employment opportunities.
To avail the incentive, individuals must have their EPFO accounts newly created when they begin their employment. Once registered, their Provident Fund accounts will be linked, allowing them to access the one-time financial support provided as part of this incentive scheme.
In addition to this incentive, EPFO has also eased withdrawal rules for existing members. Subscribers can now withdraw portions of their provident fund for various personal needs such as marriage, home purchase or repair, children’s education, or medical emergencies. Moreover, provisions allow unemployed individuals to withdraw 75% of their corpus immediately after job loss, and the remaining 25% after 12 months of continued unemployment.
The move is expected to make formal employment more attractive while offering greater financial flexibility to India’s expanding workforce.