The labour ministry is fast-tracking consultations with stakeholders regarding the employment-linked incentive schemes (ELIs), as it aims to frame the guidelines and notify the three schemes by November-end, according to official sources.
“We are holding consultations almost every week with different stakeholders. We had set a target to roll-out the ELIs by the end of 2024, but we think we’ll be able to do it much before that,” a source said.
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So far, the labour ministry has held 15 meetings with industry, employer organisations, employee organisations, different ministries of the government, states & UT officials, Employees’ Provident Fund Organisation (EPFO) officials, research & academic institutions, and multilateral organisations, the sources said.
Last week, the ministry held meetings with the International Labour Organisation, World Bank, Asian Development Bank, International Monetary Fund, United National Development Programme and other multilateral agencies to seek their inputs in preparation of the guidelines.
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“These organisations stressed on the ease of implementation of the scheme. They said that the schemes’ design should not be complex, and the industry should not feel discouraged while executing the ELIs,” a source said.
The multilateral organisations will also provide the labour ministry with the data of similar schemes that are being implemented in other countries, which can be used as a reference for the framing of guidelines, said the sources.
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The Union Budget, presented in July, unveiled three ELIs, which will be implemented through the EPFO. ‘Scheme A’ targets first-time employees in the formal sector registered with EPFO. It offers a one-month wage (up to Rs. 15,000) in three instalments, paid to employees through direct-benefit-transfer (DBT).
‘Scheme B’ focuses on job creation in manufacturing, where it incentivizes both employees and employers for the additional employment of first-time employees, offering benefits based on their EPFO contributions during the first four years of employment. And ‘Scheme C’ provides support to employers by reimbursing Rs. 3,000 per month for two years towards their EPFO contribution for each additional employee with a salary of up to Rs. 1 lakh per month.
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