Government brings in three employment-linked incentive programs in the budget
By MYBRANDBOOK
The Finance Minister unveiled three new incentive programs in the Union Budget for 2024–2025 with the goal of boosting job growth in the formal and manufacturing sectors. These programs, which are a component of the PM's budget package, will be connected to the EPFO, or Employee Provident Fund Organisation. They are intended to benefit both employees and employers and promote the employment of new hires.
The Finance Minister revealed a new initiative included in the Prime Minister's Budget package which aims to offer internship opportunities to 10 million young individuals over the next five years in 500 leading companies. This program will allow young people to gain practical experience in real business environments, explore different professions and discover employment opportunities for a year. Each intern will receive a monthly stipend of ₹5,000 and a one time allowance of ₹6,000. Companies will cover the training costs and contribute 10% of the internship expenses using their Corporate Social Responsibility or CSR funds.
Scheme A: For First Times
Scheme A is designed to help young people who are starting their first job in any sector. Under this scheme, first time employees who are registered with the Employee’s Provident Fund Organisation or EPFO will receive one month's salary directly from the government. The payment which can total up to ₹15,000 will be distributed in three separate installments. To qualify an employee's monthly salary must be below ₹1 lakh. Scheme A is designed to assist around 21 million young individuals who are starting their careers.
Scheme B: Job Creation In Manufacturing
This scheme aims to encourage more jobs in the manufacturing sector by offering incentives for hiring first time employees. Both the new employees and their employers will receive financial benefits related to their contributions to the Employee Provident Fund Organization or EPFO during the first four years of employment. The government hopes this initiative will support 30 lakh young people and their employers making it easier for businesses to grow and for new workers to find jobs.
Scheme C: Support To Employers
Finance Minister announced a new initiative to boost employment by providing financial incentives to employers. For every additional employee earning up to ₹1 lakh per month the government will reimburse up to ₹3,000 per month towards the employer's contribution to the Employee Provident Fund or EPF for two years. This scheme aims to create 50 lakh new jobs.
Additionally, the government plans to set up hostels for working women across the country to encourage more women to join the workforce. To support agriculture the government will fund private companies, experts and others to develop seeds that can withstand climate change.
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