Union Budget 2024: In a major boost to employment, Union Finance Minister Nirmala Sitharaman in Tuesday announced a new scheme focussed at providing financial aid to youth entering the workforce for the first time.
During the Budget presentation, Sitharaman said, “The scheme promises to deliver one month’s wage to new employees in all formal sectors through Direct Benefit Transfer (DBT) in three installments. This scheme will benefit 210 lakh youth.”
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Under the new initiative, new hires registered with the Employees’ Provident Fund Organisation (EPFO) will receive up to Rs 15,000 as part of this benefit. The scheme will be available to those earning up to Rs 1 lakh per month.
The announcement was made during the first Union Budget presentation of Modi 3.0.
In addition to this, Sitharaman also announced internship schemes for young people in top companies. “Government will launch a comprehensive scheme to offer internship in top companies to one crore youth in five years,” the FM said.