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New Employment-linked incentives
July 29 , 2024
119 days
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- The Union Budget has unveiled three significant schemes under Employment-linked incentives.
- It also announced a substantial allocation of Rs 2 lakh crore aimed at job creation over the next five years.
- Scheme A will provide a Direct Benefit Transfer (DBT) of one month's salary in three instalments, up to Rs 15,000, to first-time employees registered in the Employees' Provident Fund Organisation (EPFO).
- Scheme B focuses on job creation in the manufacturing sector.
- Incentives will be directly provided to both employees and employers based on their EPFO contributions during the first four years of employment.
- Scheme C includes support to employers, with a reimbursement of up to Rs 3,000 per month for two years.
- It provides towards their EPFO contributions for each additional employee hired.
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