Budget 2024: FM Nirmala Sitharaman unveils 3 schemes under 'Employment linked Incentives'
By Aishwarya Nair | First Published Jul 23, 2024, 11:39 AM ISTUnion Finance Minister Nirmala Sitharaman unveiled three employment-linked skilling schemes as part of the Prime Minister’s package during her budget presentation.
The Union Finance Minister Nirmala Sitharaman announced employment-linked skilling through three schemes as part of the Prime Minister's package on Tuesday (July 23) during her budget presentation.. These schemes will be based on enrolment in the EPFO, focusing on recognizing first-time employees. First-timers will receive one month’s wage upon entering the workforce in all formal sectors.
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A direct benefit transfer (DBT) of one month’s salary, up to Rs 15,000, will be provided in three installments. The eligibility limit for this benefit will be a salary of Rs 1 lakh per month, and it is expected to benefit 2.1 lakh youths.
Prime Minister’s Package for employment and skilling: 3 schemes announced for ‘Employment Linked Incentive’
🔆Scheme A: First Timers
🔆Scheme B: Job Creation in manufacturing
🔆Scheme C: Support to employers pic.twitter.com/NYDLNjEaea
In her Budget speech, Nirmala Sitharaman also announced internship opportunities for 1 crore youth across 500 top companies.
"To address youth employment, we're launching a new centrally-sponsored skilling program in collaboration with states and industry, aiming to skill 20 lakh youths over five years. We're also revising the model skilling loan scheme to provide loans up to Rs 7.5 lakh. Additionally, we'll provide incentives to 30 lakh youths entering the job market by covering their PF contributions for a month. Three employment-linked schemes will be launched, focusing on fast-tracking rural economic growth and employment opportunities. Furthermore, we're introducing an internship program under the PM's package, offering one-year internships in 500 top companies to 1 crore youths over five years, providing a monthly allowance of Rs 5,000 and a one-time assistance of Rs 6,000. Companies will bear training costs and 10% of internship costs from their CSR funds," said Nirmala Sitharaman.
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