In a significant announcement during the presentation of the Union Budget 2024-25 in the Lok Sabha on Tuesday, Finance Minister Nirmala Sitharaman unveiled a robust allocation of Rs 1.48 lakh crore for education, employment, and skilling initiatives. The Finance Minister detailed three new schemes designed to incentivize employment, targeting lakhs of youth entering the job market. These schemes will offer incentives such as one month’s PF contribution for new employees enrolled in the EPFO, aimed at fostering employment growth and supporting first-time job seekers.
Additionally, the budget proposes the establishment of working women hostels to encourage greater female participation in the workforce. A new centrally-sponsored scheme focusing on skilling, in collaboration with states and industries, aims to skill 20 lakh youth over the next five years, further enhancing employment readiness across the country.
She added that the government will provide funds to the private sector, domain experts and others for developing climate-resilient seeds.
An already existing scheme — MGNREGA (Mahatma Gandhi National Rural Employment Guarantee) — aims to provide 100 days of wage employment in a particular fiscal year to at least one member of every household whose adult members seek manual work.