look news india
New Delhi: While the opposition and experts were claiming that the Modi government has suffered a major setback in this year's Lok Sabha elections due to the ever-increasing unemployment in the country, Finance Minister Nirmala Sitharaman on Tuesday announced a Rs 20 lakh scheme. An expenditure of Rs 2 lakh crore has been announced. The Union Finance Minister has expressed hope that 4.1 crore youth will benefit from these schemes.
Union Finance Minister Nirmala Sitharaman has opened the treasury for the youth. While giving the budget speech in Parliament on Tuesday, she said that in the next five years, the government's focus will be on 4.1 crore youth, for which five schemes will be started. Modi government will spend Rs. 2 lakh crore on these five schemes. In this budget, there will be special focus on employment, skill development, MSME and middle class.
Education, employment and skills for the financial year 2024-25. A provision of Rs. 1.48 lakh crore has been made. The government will implement three schemes for employment-linked incentives as part of the Prime Minister's package. These schemes will be based on enrollment in EPFO and will focus on identifying first-time workers and will help both employees and employers.
He said, in the new scheme, 'first-time jobbers' will be given one month's salary on their first job in any sector. This allowance will be given to the youth enrolled in EPFO through direct benefit transfer in three installments, which will be up to Rs. 15,000. The eligibility for this will be up to Rs. 1 lakh salary. 210 lakh youth are likely to benefit from this scheme.
Under the 'Manufacturing Employment Generation' scheme, the government will promote additional employment in the manufacturing sector, including first-time workers. Both the employee and his employer will get some direct benefit in relation to their EPFO contribution during the first four years of employment. 30 lakh youth are expected to benefit from this scheme.
The third scheme of 'Assistance to Employers' is employer-centric, under which additional employment will be covered across all sectors. Additional employment with a monthly salary of Rs. 1 lakh will be counted in it. For every additional employee, the government will increase their EPFO contribution by Rs. 3,000 monthly for two years. The contribution of Rs. 3,000 will be made by the employers.
