One Month Wage For First-Time Employees: FM Sitharaman
Date
7/23/2024 3:00:16 AM
(MENAFN- IANS) New Delhi, July 23 (IANS) Finance Minister Nirmala Sitharaman on Tuesday announced that the Central government will give one month's salary to the new employees entering the workforce.
The amount will be provided to the employees as a Provident Fund contribution.
"Government to set up three schemes for employment generation. Scheme for first-timers to provide one-month wage to all persons newly entering the workforce in all sectors. First-time employment scheme to benefit 2.1 crore lakh youths," FM Sitharaman said.
Scheme A is for first-timers, Scheme B is for the creation of jobs in the manufacturing sector, and Scheme C is for support to employers, FM Sitharaman explained.
Under Scheme A, there will be a direct-benefit transfer of one month's salary, in three instalments to a maximum of Rs 15,000, to first-time employees registering with the Employees Provident Fund Organisation.
Under Scheme B, employees and employers will get incentives to be provided directly, as per their EPFO contributions, in the first four years of employment.
Scheme C will see reimbursements to employers, up to Rs 3,000 per month for two years, towards EPFO contribution for each additional employee.
The Finance Minister said that 20 lakh youth will be skilled over five years.
The government will also provide financial support of up to Rs 10 lakh for higher education in domestic institutions.
FM Sitharaman announced a Rs 2 lakh-crore PM package of five schemes to facilitate employment and skilling. A provision of Rs 1.48 lakh crore has been made for education, employment, and skilling.
The various schemes are being brought in a major push to employment generation as the opposition has been attacking the Centre over the issue.
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