BREAKING| Union Budget 2024-25: Rs 1.48 Lakh Crores Allocation For Education, Employment, Skilling

New Delhi: Union Finance Minister Nirmala Sitharaman announced the allocation of Rs 1.48 lakh crore for education, employment and skilling. She also announced three Employment Linked Incentive (ELI) schemes in the Union Budget 2024. These initiatives aim to provide direct financial support to first-time employees, incentivize job creation in the manufacturing sector, and support employers in various sectors to generate additional employment. Here are the details of the three schemes:

 1. First-Timers' Incentive

Scheme Overview:
This scheme is designed to support individuals newly entering the formal workforce across all sectors. Under this initiative, the government will provide one month's wage to all persons newly entering the workforce.

Details:
- Direct Benefit Transfer: Freshers registering with the Employees' Provident Fund Organisation (EPFO) will receive one month's salary in three installments.
- Eligibility: Employees with a salary of up to ₹1 lakh per month are eligible.
- Benefit Cap: The maximum benefit amount is ₹15,000.
- Impact: This scheme is expected to benefit 210 lakh youth.

 2. Job Creation in Manufacturing

Scheme Overview:
To stimulate job creation in the manufacturing sector, this scheme provides incentives linked to the employment of freshers.

Details:
- Incentives: Both employees and employers will receive incentives related to EPFO contributions during the first four years of employment.
- Eligibility: Freshers entering the manufacturing sector.
- Impact: The scheme is set to benefit 30 lakh youth and their employers in the manufacturing sector.

 3. Additional Employment Support

Scheme Overview:
This scheme focuses on supporting additional employment across all sectors. Employers who create new jobs within a salary limit of ₹1 lakh per month will receive government reimbursements.

Details:
- Reimbursement: The government will reimburse employers up to ₹3,000 per month for two years towards EPFO contributions for each additional employee.
- Eligibility: Additional employment within a salary cap of ₹1 lakh per month.
- Impact: This initiative aims to benefit 50 lakh individuals.