Finance Minister Nirmala Sitharaman announced three employment-linked schemes as part of the Prime Minister’s package during the Union Budget 2024-25 presentation. These schemes will be based on enrolment in the Employees’ Provident Fund Organization (EPFO) and aim to boost employment across sectors.
Scheme A will provide one month’s wage to first-time employees in all sectors, with a Direct Benefit Transfer of up to ₹15,000 in three installments. The eligibility limit is set at a salary of ₹1 lakh per month, benefiting 21 million youths.
Scheme B will incentivise additional employment in the manufacturing sector, providing incentives to both employees and employers with respect to EPFO contributions in the first four years of employment. This scheme is expected to benefit 30 lakh youth and their employers.
Scheme C will cover additional employment in all sectors, with a salary limit of ₹1 lakh per month. The government will reimburse employers up to ₹3,000 per month for two years towards the EPFO contribution for each additional employee, incentivising the employment of 50 lakh people.
The Finance Minister also announced the establishment of working women hostels to promote women’s participation in the workforce and the provision of funds to the private sector and domain experts for developing climate-resilient seeds.
