₹2 Lakh Crores for employment, 4.1 crore jobs, and more! In this video, we’ll provide a quick breakdown of the three new employment-linked schemes for youth and employers introduced in the Union Budget 2024.
First, we’ll discuss Scheme A, which focuses on first-time employees. If your monthly salary is below ₹1 Lakh, the government could pay 1 month’s salary (up to ₹15,000) in 3 instalments. This scheme is expected to benefit 2.1 crore individuals over 2 years.
Next, you’ll learn about Scheme B, which incentivises manufacturing jobs. Companies hiring 50 new employees or increasing their workforce by 25% (EPFO-enrolled) can receive subsidies of 8–24% of salaries for new hires. The video will also explain how Scheme C supports employers. It could reimburse the EPFO contributions up to ₹3,000/month per employee earning under ₹1 Lakh.
Additionally, we’ll go through a fourth scheme targeting internships in India’s top 500 companies. This aims to create 1 crore internships over 5 years. Interns will receive ₹5,000/month from the government, along with a one-time ₹6,000 assistance, while companies contribute ₹6,000/month.
With these initiatives, the government plans to boost formal employment and upskill the workforce. These could address the gap where only 21% of India’s employed population holds salaried jobs.
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