Finance Minister Nirmala Sitharaman unveiled three employment-linked schemes during her presentation of the Union Budget for 2024-25 on Tuesday in the Lok Sabha. These initiatives, she explained, are designed to leverage enrolment in the Employees’ Provident Fund Organization (EPFO).
Scheme A aims to provide one month’s wage to new entrants across all sectors joining the workforce. Meanwhile, Scheme B focuses on incentivizing additional employment in the manufacturing sector, particularly targeting first-time employees. Sitharaman highlighted that incentives will be directly provided to employees and employers based on EPFO contributions over the first four years of employment, benefiting an estimated 30 lakh youth and their employers.
Scheme C extends to all sectors, encouraging additional employment by reimbursing employers up to Rs 3,000 per month for two years towards EPFO contributions for each new employee earning up to Rs 1 lakh per month. This initiative is anticipated to stimulate employment for 50 lakh individuals.
The Finance Minister also announced plans to establish working women’s hostels nationwide to bolster women’s participation in the workforce. Additionally, the government will allocate funds to support the private sector, domain experts, and others in developing climate-resilient seeds.