Page 25 - NIS English Aug 1-15, 2024

Three schemes for employment promotion

In the budget, the government will implement three schemes for employment-linked incentives
as part of the Prime Minister's package. These will be based on enrolment in the EPFO, and focus
on recognition of first-time employees, and support to employees and employers.
1 First-time 2 Employment in the 3 Assistance to

employed
employers
manufacturing
Under this scheme, one month's sector The scheme, focused on
This scheme is expected
salary will be given to all newly employers, will cover additional
to benefit 30 lakh first-time
appointed persons joining employment in all sectors.
employed person and their
in all formal sectors. Direct All additional employment
employers. Under this, both
benefit transfer of one month's within a salary of Rs 1 lakh per
employees and employers
salary to first-time employees month will be counted. The
will be provided incentives
registered with EPFO will be government will provide Rs

directly for their contribution
made in three installments, 3,000 per month to employers
to EPFO in the first four years
subject to a maximum of Rs for two years for EPFO
of employment. If the services
15,000. The eligibility limit under contribution in respect of such
of a first-time job seeker are
this scheme will be a monthly additional employees. The
terminated within 12 months of
salary of Rs 1 lakh. The scheme scheme is expected to provide
his appointment, the subsidy will
is expected to benefit 2.10 additional employment
be returned by the employer.
crore youth. incentives to 50 lakh persons.
4.1 crore youth to 2 lakh crore of central 1,000
Rs
be provided
assistance has
employment, skill
development, and been made for Industrial
other opportunities employment and
skill development. Training
Institutes will be
developed in a
5,000 modern way.
Rs

per month Training
1 crore youth to
allowance and one-time
assistance of Rs 6,000
will be provided. get an internship,

to train in the
Youth in the age group of 21 to the opportunity
24 who are unemployed and country's top 500
are not fully involved in any companies during five
educational activity will be years.
eligible for this scheme.

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