Centre will offer you ₹15,000 if you are a fresher
Finance Minister Nirmala Sitharaman has announced an interesting policy for first-time employees, in Union Budget 2024. She said the government will offer a direct benefit transfer (DBT) of up to ₹15,000, to freshers when they join "formal sectors." This sum will be offered in three installments to those earning a salary of up to ₹1 lakh per month. The employees have to register themselves with the Employees' Provident Fund Organisation (EPFO) to get the benefits.
Incentives for youth and women in workforce
The government plans to incentivize 30 lakh youth entering the job market, with a one-month Provident Fund (PF) contribution. Sitharaman stressed the importance of increasing women's participation in the workforce, outlining measures such as setting up hostels and organizing women-specific skilling programs.
New scheme to encourage employment in manufacturing sector
A new scheme linked to the employment of first-time employees will be introduced, aimed at encouraging job creation in the manufacturing sector. The scheme will provide incentives related to EPFO contributions for both employees and employers, during the first four years of employment. This initiative is tipped to benefit 30 lakh youth and cover additional employment across all sectors.
Government to reimburse employers for EPFO contributions
The Centre will reimburse employers up to ₹3,000 per month for two years, toward EPFO contributions for each additional employee. This initiative aims to incentivize the employment of an additional 50 lakh people. Employment-linked skilling schemes will be introduced as part of the Prime Minister's package, focusing on recognizing first-time employees based on their enrolment in the EPFO.
