- New centrally-sponsored scheme to skill 20 lakh youth over 5 years
NEW DELHI, July 23: The Government will launch three employment-linked schemes, Finance Minister Nirmala Sitharaman said while presenting the Union Budget for 2024-25 on Tuesday.
These schemes will be based on enrolment in Employees’ Provident Fund Organization (EPFO), Sitharaman said in the Lok Sabha.
“Our government will implement three schemes for employment-linked incentives,” she said.
About scheme A, she said it will provide one month’s wage to those entering the workforce in all sectors.
The scheme B, she said, will incentivise additional employment into the manufacturing sector linked to the employment of first-time employees.
“An incentive will be provided at specified scale directly to the employee and employer with respect to the EPFO contribution in the first four years of employment. This scheme is expected to benefit 30 lakh youth… And their employers,” the minister said.
Sitharaman said the scheme C will cover additional employment in all sectors.
“All additional employment within a salary of Rs 1 lakh per month will be counted,” she said, adding that the government will reimburse to employers up to Rs 3,000 per month for two years towards the EFPO contribution to each additional employee.
The scheme is expected to incentivise additional employment of 50 lakh people.
The minister also announced that working women hostels will be set up in the country to promote women’s participation in the workforce.
She added that the government will provide funds to the private sector, domain experts and others for developing climate-resilient seeds.
Meanwhile the government on Tuesday announced a new centrally-sponsored scheme for skilling 20 lakh youth over the next five years.
The announcement was made by Finance Minister Nirmala Sitharaman in the Union Budget 2024-25.
The minister said that model skilling loan scheme will be revised to facilitate loans up to Rs 7.5 lakh.
As part of boosting skilling efforts, 1,000 ITIs will be upgraded on the hub-and-spoke model. Besides, the government will provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions.
Sitharaman said the new centrally-sponsored scheme for skilling in collaboration with states and industry will train 20 lakh youth over a period of five years. (Agencies)
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