The Finance Minister of India, Nirmala Sitharaman presented the Union Budget 2024 in the Parliament today (July 23) unveiling a series of new schemes.
Sitharaman, during the Budget speech, announced certain initiatives aimed to create substantial employment opportunities and support the workforce with financial incentives.
Scheme A: Provident Fund Boost for New Entrants
Addressing the concerns raised in recent elections about job creation, the Finance Minister announced is a Provident Fund contribution scheme for new employees.
Under this scheme, the first time job seeker across all sectors will receive a financial boost equivalent to one month's salary. During the Budget speech, FM said, “One month wage for first time employees."
Key Highlights of the scheme
Target - 21 million youths
Benefit - Up to Rs 15,000 in Provident Fund contributions
Process - Direct-benefit transfer in three installments
Scheme B - Incentives for Manufacturing Sector Employment
The second scheme announced by her during the budget focuses on generating job creation in the manufacturing sector.
Under this scheme, it will offer financial incentives to both employees and employers based on their Provident Fund contributions.
Key Highlights of the scheme
Focus - Manufacturing sector
Benefit - Direct incentives to both employees and employers
Duration - First four years of employment
Scheme C: Support for Employers Across Sectors
Providing support to employers across various sectors, this scheme includes a reimbursement of up to Rs 3,000 per month for two years to employers who hire additional employees with salaries up to Rs 1 lakh per month.
Key Highlights of the scheme
Target - Employers across all sectors
Reimbursement - Up to Rs 3,000 per month for two years
Salary Cap - Rs 1 lakh per month
