In a landmark move to boost jobs, the Centre rolled out a series of initiatives in Budget 2024 aimed at creating job opportunities and enhancing skill development across the nation.
Here's a breakdown of the key highlights from Finance Minister Nirmala Sitharaman's announcement:
The Centre has announced three major schemes for employment generation. The first-time employment scheme will offer one month's wage to new workforce entrants across all sectors, expected to benefit 2.1 crore youths. Additionally, a direct benefit transfer (DBT) of one month's salary, up to Rs 15,000, will be provided in three instalments, with an eligibility limit of a Rs 1 lakh monthly salary.
The government introduced an innovative job growth incentive plan, targeting both employees and employers in the first four years of employment. This scheme counts all employment with salaries up to Rs 1 lakh per month and promises to reimburse employers Rs 3,000 per month towards EPFO contributions for two years for each additional employee.
This initiative aims to add 50 lakh new jobs and benefit 30 lakh youth.
A significant revision to the Model Skill Loan Scheme will now allow loans up to Rs 7.5 lakh with a government-backed guarantee fund, poised to benefit 25,000 students annually. Furthermore, the government will provide financial support for higher education loans up to Rs 10 lakh for domestic institutions, and 1 lakh students will receive e-vouchers each year.
In a bid to further increase workforce participation, especially among women, the budget includes the establishment of working women's hostels and crèches in collaboration with the industry. Enhanced skilling programs and support for women-led self-help groups (SHGs) are also on the agenda to boost female employment rates.