Understanding Union Budget 2024: New Employment Schemes
The Govt has announced new employment schemes to support first-time employees, boost the manufacturing sector, reimburse employers for new hires, and provide internships for youth.
Watch our previous videos covering the Union Budget 2024:
https://ish.news/wb-24-07-2024_1
https://ish.news/wb-25-07-2024_1
https://ish.news/wb-25-07-2024_3
The central government has launched several new employment schemes to support employees, employers, and interns across various sectors. Here are the details:
Scheme 1: Salary Support for First-Time Employees
The central government will transfer one month's salary up to ?15,000 to the Employees' Provident Fund Organisation (EPFO) account of all first-time employees in all sectors. This amount will be given in three installments.
Scheme 2: Boosting Employment in the Manufacturing Sector
To increase employment opportunities and promote first-time employees in the manufacturing sector, the central government will provide incentives to both the employee and the employer. The incentives will match their EPFO contributions for the first four years of employment.
Scheme 3: Employer Support for Hiring New Employees
The central government will reimburse employers up to ?3,000 per month for two years for every additional employee they hire with a salary up to ?1 lakh per month.
Internship Scheme for Youth
The central government has announced an internship scheme for young people aged 21 to 24 who have finished their education but have no jobs. This scheme will provide a 12-month internship in India’s top 500 companies. Interns will receive Rs 5,000 every month, totaling Rs 60,000 per year. Of this amount, Rs 54,000 will be paid by the government, Rs 6,000 by the company, and an additional one-time benefit of Rs 6,000 will be given by the government. Applications for the scheme will be made through an online portal, where companies will select the interns. The website for this scheme is not yet ready. Updates will be provided when available.
Additionally, the central government has announced plans to create more schemes to include more women in the workforce and to provide training and skill development for youth to prepare them for future employment.
These new schemes aim to boost employment, support businesses, and help young people gain valuable work experience.
