Budget 2024: FM Sitharaman Announces Direct Benefit Transfer Up To Rs 15,000 For First-Time Employees
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New Delhi: Union Finance Minister Nirmala Sitharaman on Tuesday presented the Budget 2024 and announced three Central schemes for the first time employees. She said the Central govt will implement three schemes for employment-linked incentives as part of the Prime Minister’s package. She added that these schemes will be based on enrollment in the EPFO and focus on recognition of the first time employees and support to employees and employers.
“One month wage to all persons newly entering the workplace in all formal sectors. Direct Benefit Transfer of one month salary in 3 instalments to first-time employees as registered in the EPFO will be up to Rs 15,000. The eligibility limit will be a salary of Rs 1 lakh per month. The scheme will benefit 210 lakh youth.”
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.
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FM 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. She also announced that working women hostels will be set up in the country to promote women’s participation in the workforce.
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She added that the government will provide funds to the private sector, domain experts and others for developing climate-resilient seeds.
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