Union Budget 2024: Union Finance Minister Nirmala Sitharaman on Tuesday (July 23) announced five new schemes and initiatives to generate employment to youths. Her announcement came while presenting the Union Budget 2024 in Lok Sabha.
"I am happy to announce the Prime Minister's package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over 5 years with a central outlay of Rs 2 lakh crores. This year we have made a provision of Rs 1.48 lakh crores for education, employment and skilling..." she said.
The Minister announced that the government will implement three schemes for employment-linked incentives as part of the Prime Minister's package.
"These will be based on enrollment in the EPFO and focus on recognition of the first time employees and support to employees and employers," she said.
"One month wage to all persons newly entering the workplace in all formal sectors. Direct Benefit Transfer of one month salary in 3 instalments to first-time employees as registered in the EPFO will be up to Rs 15,000. The eligibility limit will be a salary of Rs 1 lakh per month. The scheme will benefit 210 lakh youth," the Minister announced.
What did Sitharaman say on employment for youths?
- New centrally-sponsored scheme for skilling in collaboration with states, industry; 20 lakh youth to be skilled over 5 years.
- Model skilling loan scheme will be revised to facilitate loans up to Rs 7.5 lakh
- Govt to provide incentive to 30 lakh youth entering job market by providing 1 month PF contribution
- Govt to launch three employment-linked schemes
- Fast-tracking growth of rural economy and employment opportunity will be policy goal
- Internship in top companies as the fifth scheme under PM's package. Our government will launch a comprehensive scheme for providing internship opportunities in 500 top companies to 1 crore youths in 5 years. They will gain exposure for 12 months to real-life businesses and employment opportunities. An allowance of Rs 5000 per month along with a one-time assistance of Rs 6000 will be provided. The companies will be expected to bear the training costs and 10 per cent of the internship costs from their CSR funds.
The Finance Minister presented the Union Budget 2024-25 on Tuesday, for the record seventh time and for the first time in the third term of the Narendra Modi government at the Centre.
