₹1.07L-cr ELI scheme to create 3.5 cr jobs in 2 yrs

The central government Tuesday approved an Employment Linked Incentive scheme with an outlay of Rs 1.07 lakh crore to create 3.5 crore jobs over the next two years through social security schemes run by the retirement fund body EPFO.

- PRESS TRUST OF INDIA

The ELI scheme to support job generation, enhance employability and social security across all sectors, with special focus on the manufacturing sector, was approved by the Union Cabinet in a meeting, chaired by Prime Minister Narendra Modi, Information & Broadcasting Minister Ashwini Vaishnaw said.

The scheme aims to incentivise the creation of more than 3.5 crore jobs in the country over two years, an official statement said.

The scheme will provide incentives to employees as well as employers to boost job creation.

Under the scheme, while the first-time employees will get one month's wage (up to Rs 15,000), the employers will be given incentives for a period of two years for generating additional employment, with extended benefits for another two years for the manufacturing sector.