Prime Minister Narendra Modi, in his Independence Day address from the Red Fort on Friday, unveiled the Pradhan Mantri Viksit Bharat Rozgar Yojana (PM-VBRY), a new employment initiative aimed at boosting job creation across the country. Announcing the launch, Modi said the scheme would provide financial assistance of ₹15,000 to young men and women securing their first private-sector job. Approved earlier by the Union Cabinet and effective from August 1, 2025, the PM-VBRY replaces the Employment Linked Incentive Scheme and forms a key part of the government’s strategy to generate more employment opportunities. With an allocation of ₹99,446 crore, the programme targets the creation of over 3.5 crore jobs within two years, including around 1.92 crore for first-time entrants to the workforce. The benefits will apply to jobs created between August 1, 2025, and July 31, 2027.
Key benefits under PM-VBRY
For first-time employees enrolled with the Employees’ Provident Fund Organisation (EPFO) and earning up to ₹1 lakh per month, the scheme offers incentives of up to ₹15,000 in two instalments — the first after six months of service and the second after a year, following completion of a financial literacy programme. A portion of this amount will be deposited into a savings account to encourage long-term money management.
Employers hiring additional staff will receive incentives of up to ₹3,000 per month for each new recruit for a period of two years, with manufacturing sector firms eligible for the benefit for up to four years.