NEW DELHI, August 6 — The Pradhan Mantri Viksit Bharat Rojgar Yojana (PM-VBRY) completed its first year of implementation on Thursday, with the government reporting that over 72 lakh first-time workers have been formalized into the workforce under the scheme.
Launched in August 2025 by the Ministry of Labour and Employment, the scheme provides financial incentives to employers for creating new jobs, covering the employer's contribution to the Employees' Provident Fund (EPF) for the first two years of employment. The initiative aims to boost formal employment and support job creation in micro, small, and medium enterprises (MSMEs).
Government officials stated that the scheme has significantly improved EPF registrations, particularly among young graduates and skilled trainees in manufacturing and IT services sectors.
Central government schemes and their impact are regularly tested in economics sections of competitive exams. Candidates should note that the PM-VBRY is managed by the Ministry of Labour and Employment and targets the formalization of new workers through EPF contribution incentives.