(MENAFN- Live Mint) Prime Minister Narendra Modi announced the launch of Pradhan Mantri Viksit Bharat Rojgar Yojana on Friday, Speaking from the ramparts of the Red Fort on the occasion of the 79th Independence Day, PM Modi said he is launching "a ₹ 1 lakh crore scheme for the youth of our nation."

What Pradhan Mantri Viksit Bharat Rojgar Yojana? What are the benefits? And how to apply: Here's all you need to know:

What is Pradhan Mantri Viksit Bharat Rojgar Yojana?

The Pradhan Mantri Viksit Bharat Rojgar Yojana provides incentive to first-time employees and employers in the private sector.

PM Modi said that under this scheme, young people getting their first job in the private sector will receive an amount of ₹15,000 from the government.

Meanwhile, companies creating new employment opportunities will also be given incentive payments.

The prime minister said Pradhan Mantri Viksit Bharat Rozgar Yojana will create employment opportunities for over 3.5 crore youth of the country

Viksit Bharat Rojgar Yojana: Benefits and who can applyA. Incentives for first-time employees

The scheme provides an incentive to first-time employees in the private sector. Those entering the job market will receive an amount of ₹15,000 from the government.

Employees whose gross wage is up to ₹1 lakh are eligible .

Incentive of up to ₹15,000 for first-time employees registered with EPFO

Empowers employees with formal jobs

Provides them social security

Financial awareness

Better career opportunities B. Incentives for Employers

Incentives to employers of all sectors for 2 year; 4 years for manufacturing sector

Employers will receive up to ₹3,000 per month for each additional employee What to keep in mind while applying?

Under the Pradhan Mantri Viksit Bharat Rozgar Yojana, one can join an Employees' Provident Fund Organisation (EPFO)-registered establishment and receive the benefit directly in their bank account.

Here's what to keep in mind if you want avail benefits under this scheme:

1. Employee must join an EPFO-registered or exempted establishment.

2. Incentives to employees with one month's wage (Basic + DA), up to 15,000

3. Employee gets incentive in two instalments:

> First instalment up to 7500/- will be payable after 6 months of employment

>Second instalment will be payable after 12 months of employment and completion of a fnancial literacy program

4. Must have UAN authenticated via Aadhaar (biometric).

5. Employee receives incentive through Direct Benefit Transfer (DBT) mode using Aadhar Bridge Payment System (ABPS).

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