With the intention of providing employment to the young population the Pradhan Mantri Rozgar Protsahan Yojana was introduced in the budget speech of 2016-2017. In the budget speech 2016-2017 it was explained that the objective of this Yojana is incentivized creation of new jobs in the formal sector, by this Yojana the Government of India will pay the employees’ pension scheme contribution of 8.33% of all new employee enrolling in EPFO for the first 3 years of their employment. It was explained that the government of India has set aside budget provision of rupees 1000 crore for this purpose. See this for details : PMRPY or Pradhan Mantri Rozgar Protsahan Yojana
