In a notable move announced today, Finance Minister Nirmala Sitharaman revealed that the government will provide a one-month salary as Provident Fund contribution to all individuals starting their first job. This measure aims to support new employees across various sectors, impacting 210 lakh youths.
This announcement comes as part of the Union Budget for 2024-25, addressing employment concerns that influenced the BJP’s recent election results.
During the budget presentation, Sitharaman introduced three pivotal schemes to boost job creation:
Scheme A: Provides one month’s wage to all new workers in any sector.
Scheme B: Incentivizes additional employment in the manufacturing sector, offering EPFO contribution benefits for the first four years of employment. This initiative is expected to support 30 lakh youth and their employers.
Scheme C: Focuses on generating extra jobs across all sectors by reimbursing employers up to ₹3,000 per month for two years per additional employee earning up to ₹1 lakh per month. This scheme aims to create 50 lakh new jobs.
Further, new working women hostels will be established to enhance female participation in the workforce. The government will also invest in developing climate-resilient seeds in collaboration with private sector partners and experts.
