PUNJAB GOVERNMENT SCHEME ON PUNJAB INDUSTRIAL AND BUSINESS DEVELOPMENT POLICY, 2022
Dear Businessman/Investors
In Series of KIP: Business and Subsidy Update, today we are going to share with you benefit of “PUNJAB INDUSTRIAL AND BUSINESS DEVELOPMENT POLICY, 2022”
Objectives:
The objective of this scheme is to accelerate industrial growth and job creation, To develop world class infrastructure and bring anchor units, To provide quality and affordable power to the Industry, To accelerate growth of MSMEs, To focus on startup and entrepreneurship and to facilitate availability of skilled manpower for the industry.
Quantum of Assistance:
1. Employment Generation under Fiscal incentives for Anchor Units:
Employment Generation subsidy @ Rs 36,000 per employee per year for a maximum period of 5 years and @ Rs. 48,000 per employee per year for a maximum period of 5 years from the date of commercial Production for women and SC/BC/OBC employee provided only Directly recruited employee (domicile of Punjab only) and having unique identification number where PF is being subscribed /ESIC number where ESI contribution is being paid as the case may be shall be considered for the incentive.
Eligibility Criteria:
In this policy, assistance can be avail by an entity/organization such as Private Sector Companies / Partnership Firms / Proprietorship Firms/ LLP etc.
Time of Applicability of Incentives:
- The unit can apply for the subsidy within three months from the date of approval of ICAF or within three months of closing of financial year whichever is later for which incentive is being claimed.
Eligibility:
• The evidence for employment would be related statutory returns under EPFO/ESIC etc.
• The Employment Generation Subsidy for each direct employee (domicile of Punjab only) and having unique identification number where PF is being subscribed /ESIC number where ESI contribution is made, shall be calculated proportionately as per duration of employee in the relevant financial year.
• The average no. of employees during last 3 years prior to start of expansion shall be considered as base no. of employees.
• The incentive of EGS shall be available to the additional employees directly employed by the company over and above the base number of employees. For eg. If the base no. of employees is 2000 and new employees are 1500 then out of total 3500 employees the EGS benefit shall be given for 1500 employees in the 1st year.
• To maintain the base line of 2000 employees, the no. of employees having longer duration shall be excluded while calculating the incentive for new employees added during expansion. For e.g. In case 500 employees have resigned or expelled out of base number of employees and 500 new employees have been added for claiming the incentive of 2000 new employees then 500 new employees having longer duration shall be excluded for calculating the incentive amount
Applicability:
The policy will be applicable for 5 years from 17-10-2022 and can be extended further by the State. The policy may be amended and modified in the course of implementation.
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