Budget 2024: Prime Minister's package to create 4.1 crore jobs

The Union Budget has introduced a comprehensive array of schemes aimed at fostering employment, skill enhancement, and social welfare, with the overarching goal of transforming India into a Viksit Bharat by 2024.

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A central allocation of Rs 2 lakh crore, part of the Prime Minister’s package, will support five key initiatives over the next five years.

This substantial package aims to benefit over 4.1 crore youths by facilitating employment, enhancing skills, increasing women’s workforce participation, and supporting MSMEs in job creation. It also focuses on strengthening capital infrastructure to bolster the economy.

KEY SCHEMES AND INITIATIVES

Employment-Linked Incentive Schemes through EPFO:

Three of the five schemes will be managed by the Employee Provident Fund Organisation (EPFO), incentivizing both employers and employees.

The first scheme targets first-time employees in the formal sector registered with EPFO, offering a one-month wage (up to Rs. 15,000) in three instalments.

The second scheme focuses on job creation in the manufacturing sector, providing incentives for firsttime employees based on their EPFO contributions during the first four years of employment. Employees with salaries up to Rs. 1 lakh are eligible.