Union Budget 2024: 3 New Job-Linked Incentive Schemes Launched; New Workers To Get 1 Month Wage

Union Budget 2024: 3 New Job-Linked Incentive Schemes Launched; New Workers To Get 1 Month Wage

Union Budget 2024: Union Finance Minister Nirmala Sitharaman announced that three employment-linked incentive schemes will be floated for employees and employers. These schemes will be based on enrolment in the EPFO, focusing on recognizing first-time employees. These are part of the Prime Minister’s Package for employment and skilling.

The three schemes announced for ‘Employment Linked Incentive’ are:
Scheme A: First Timers
Scheme B: Job Creation in manufacturing
Scheme C: Support to employers

Scheme A will offer one-month salary support to enterprises for first time employees. A Direct Benefit Transfer (DBT) is a payment scheme where an amount equivalent to one month's salary, not exceeding Rs 15,000, will be disbursed to eligible recipients in three separate instalments.

The Finance Minister announced that the upcoming scheme to promote job creation within the manufacturing sector. The scheme, designed to encourage the employment of first-time employees, will offer incentives related to EPFO contributions for the initial four years of their employment. Employers stand to receive reimbursement of up to Rs 3,000 per month over a two-year period for EPFO contributions towards each newly hired employee.

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