Budget 2024: Govt's major push to job creation, 3 employment-linked incentive schemes
Budget highlights: Union Finance Minister Nirmala Sitharaman on Tuesday announced that three employment-linked incentive schemes will be floated for employees and employers. These schemes will be based on enrolment in the EPFO, focusing on recognizing first-time employees.
Three schemes for employment-linked incentives
- Scheme A: One month's wage for freshers
- Scheme B: Job creation in manufacturing
- Scheme C: Support to employers
Under this, Scheme A will offer one-month salary support to enterprises for first time employees. A Direct Benefit Transfer (DBT) is a payment scheme where an amount equivalent to one month's salary, not exceeding Rs 15,000, will be disbursed to eligible recipients in three separate instalments.
The eligibility limit will be Rs 1 lakh per month. She added 30 lakh youth entering employment and their employers to benefit.
"Our government will implement the following three schemes for employment -linked incentive as part of the Prime Minister's package — enrollment in the EPF, focus on recognition of first time employees, and support to employees and employers scheme," Sitharaman during her Budget speech.
