Finances funds for employment and skilling: Will India’s youth profit?
In her seventh funds speech, Finance Minister Nirmala Sitharaman introduced three new employee-linked incentive schemes within the Union Finances for 2024-25. The three schemes, that are a part of the Prime Minister’s package deal, will align with enrolment within the Worker Provident Fund Organisation and give attention to the popularity of first-time staff, in addition to assist to each employers and staff.
The scheme would supply a one-month wage to all individuals newly coming into the workforce in all formal sectors. The direct profit switch of 1 month’s wage in three instalments to first-time staff, as registered within the EPFO, will likely be as much as ₹15,000. The eligibility restrict will likely be a wage of ₹1 lakh per 30 days. The scheme is anticipated to profit 210 lakh youth.
