New Delhi. Union Finance Minister Nirmala Sitharaman has started presenting the budget (Budget 2024) in Parliament. In the opening speech, the Finance Minister has made big announcements for employment and skill development.
Three major schemes have been announced to increase employment which will be brought under the Prime Minister’s ‘Employment Linked Incentive’.
This includes schemes for first time job seekers, jobs in the manufacturing sector, schemes to support companies providing employment. Along with this, the government has announced to provide skill training to 30 lakh youth in the next 5 years. Let us know about the three schemes in detail.
Scheme for first time job seekers:
First time job seekers or employees registered with EPFO for the first time will be given one month’s salary in their bank account. This amount will be transferred in 3 installments which will be a maximum of Rs 15,000. It is estimated that 30 lakh youth will benefit from this scheme.
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Manufacturing sector will get a boost
The Finance Minister has announced in Budget 2024 to promote employment in the manufacturing sector. The government has announced to give incentives to both the employee and the employer under this scheme. This benefit will be available to both the employee and the employer for the first 4 years of starting the employment.
Support to employers
The central government has also announced a support scheme for companies providing jobs and employers. Employers providing jobs up to one lakh per month will be given a monthly assistance of up to three thousand rupees, which will go towards the employee’s EPFO contribution.
