(MENAFN- KNN India)
New Delhi, Sep
4 (KNN) In a concerted effort to bolster employment generation across the country, Labour and Employment Minister Mansukh Mandaviya convened a crucial meeting on Tuesday with representatives from over a dozen prominent industry bodies and employer organisations.
The meeting aimed to gather valuable inputs on the Employment-Linked Incentive (ELI) scheme announced earlier in the Union Budget.
The Ministry is currently finalising the details of the three ELI schemes, which are to be implemented through the Employees' Provident Fund Organisation (EPFO).
These schemes are a cornerstone of the government's broader employment strategy, part of the Prime Minister's ambitious package of five initiatives designed to facilitate job creation, skill development, and economic opportunities for 41 million youth over the next five years.
The ELI schemes, with a central outlay of Rs 2 lakh crore, are expected to create over 20 million jobs within two years.
The industry stakeholders present at the meeting included representatives from the Confederation of Indian Industry (CII), Federation of Indian Chambers of Commerce and Industry (FICCI), Assocham, and several other key employer organisations.
Their input is being sought to ensure that the schemes are not only effective but also aligned with the practical needs of various sectors.
"Employment generation is a top priority for the government, and the ELI scheme is a step in the right direction to achieve this goal," Mandaviya stated, emphasising the government's commitment to creating meaningful and sustainable jobs.
He invited suggestions from the attending organizations to refine the scheme, ensuring it is robust, inclusive, and economically viable.
The first of the three proposed schemes under the ELI umbrella, known as Scheme A, is aimed at incentivising first-time employment. It offers a wage subsidy of up to Rs 15,000, which will be disbursed in three installments to individuals entering the workforce for the first time.
Scheme B is focused on bulk hiring within the manufacturing sector. This scheme provides graded wage reimbursements to employers who meet specific hiring thresholds and retain employees for at least 12 months.
Specifically, the government will reimburse 24 per cent, 16 per cent, and 8 per cent of the wages, to be equally shared between the employee and employer, depending on the scale of hiring.
Finally, Scheme C is designed to support smaller establishments. It offers to reimburse the employer's EPFO contributions for new hires, applicable up to Rs 3,000 per month for two years. This particular scheme targets establishments that hire additional employees, making it easier for small businesses to expand their workforce.
Minister Mandaviya underscored the government's commitment to a collaborative approach, stating, "We are committed to working closely with stakeholders to design a scheme that is robust, inclusive, and aligned with the needs of the economy."
As the government seeks to solidify these initiatives, the input from industry leaders will be crucial in shaping a program that not only fosters employment but also strengthens the nation's economic fabric.
(KNN Bureau)
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