What TV doesn't, print can't; we deliver.
What TV doesn't, print can't; we deliver.
First-time employees in the formal sector will receive a direct benefit transfer equivalent to one month’s wage, up to ₹15,000, in three installments.
NEW DELHI: In a bid to boost employment and skill development, the government has introduced the PM Employment Linked Incentive Package. This comprehensive initiative comprises several schemes aimed at providing financial support to both employees and employers while enhancing job creation and skill development. Here’s a detailed overview of the package:
The First scheme aims to provide financial support to individuals newly entering the workforce. First-time employees in the formal sector will receive a direct benefit transfer equivalent to one month’s wage, up to ₹15,000, in three instalments. This scheme targets employees with a salary of up to ₹1 lakh per month. An estimated 210 lakh youth are expected to benefit from this scheme.
The second scheme titled- Job Creation in Manufacturing aims to encourage job creation in the manufacturing sector linked to the employment of first-time workers. Incentives will be provided to both employees and employers, covering their EPFO contributions for the first four years of employment. This scheme aims to support 30 lakh new employees and their employers in the manufacturing sector.
FLASH: Salaried employees in new tax regimes stands to save ₹17,500 in income tax.#Budget #Budget2024 #NirmalaSitharaman #FinanceMinister #IncomeTaxSlab pic.twitter.com/JTwPEzaD40
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The third scheme (Support to Employer) will provide financial support to employers for additional hiring across all sectors. Employers will receive a reimbursement of up to ₹3,000 per month for two years towards EPFO contributions for each new employee hired with a salary of up to ₹1 lakh per month. This initiative is expected to create 50 lakh additional jobs.
In the fourth scheme, Finance Minister announced a skilling programme to enhance skill development through collaboration with state governments and industries.
The programme will skill 20 lakh youth over five years. It includes upgrading 1,000 Industrial Training Institutes (ITIs) in a hub-and-spoke model with a focus on outcome orientation.
The last scheme will offer internships to 1 crore youth over five years in 500 top companies. Interns will gain real-life business experience for 12 months, and receive an internship allowance of ₹5,000 per month, and a one-time assistance of ₹6,000. Companies will cover training costs and 10% of the internship costs through CSR funds.
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Additional measures to be provided by the government, under the scheme include:
Model Skill Loan Scheme: Revised to facilitate loans up to ₹7.5 lakh with government guarantees, aiming to support 25,000 students annually.
Higher Education Support: Financial assistance for loans up to ₹10 lakh for higher education in domestic institutions. E-vouchers will be provided to 1 lakh students annually, offering a 3% interest subvention on the loan amount.
These schemes are designed to provide substantial support for employment, skill development, and education, reflecting the government’s commitment to enhancing economic opportunities and growth for the youth.
