Watch: Finances 2024 | What’s in retailer for labour?
In her seventh price range speech, Finance Minister Nirmala Sitharaman introduced three new employee-linked incentive schemes within the Union Budget for 2024-25. The three schemes, that are a part of the Prime Minister’s bundle, will align with enrolment within the Worker Provident Fund Organisation and give attention to the popularity of first-time workers, in addition to assist to each employers and workers.
The schemes will facilitate employment, skilling and different alternatives for 4.1 crore youth over a five-year interval with a central outlay of ₹ 2 lakh crore. The Centre will present ‘Employment Linked Incentives’ to employers primarily based on enrolment within the Staff Provident Fund Organisation. One of many main proposal amongst that is to supply internship alternatives in 500 high corporations to at least one crore youth for 12 months.
College students will get an internship allowance of ₹ 5,000 monthly together with a one-time help of ₹ 6,000. Firms must bear the coaching price and 10 per cent of the internship price from their CSR funds. Many have interpreted this as the subsequent Agniveer scheme given the informal nature of this scheme. Commerce unions additionally appear to be not pleased with the price range as their lengthy pending demand of restoration of Previous Pension Scheme is ignored this time too.
