Budget 2024: Employees To Get One Month's Salary Free, Announces FM Sitharaman| Here’s How
Finance Minister Nirmala Sitharaman introduced a novel scheme for new workforce entrants. Employees with monthly salaries up to Rs 1 lakh will receive a one-month salary as a Provident Fund contribution. This benefit, capped at Rs 15,000, will be distributed in three installments via direct benefit transfer (DBT). The initiative is expected to benefit 2.1 lakh young people entering the job market. This marks a significant move to support new employees and potentially stimulate workforce participation.
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#Budget2024 #NirmalaSitharaman #Sitharaman #FMSitharaman #PMModi #Modinews #Budgetlive #BudgetSessionlive #LokSabhaLive #Indianews #Oneindia #Oneindianews #BudgetWithOneindia
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NewsTranscript
00:00workforce in all formal sectors.
00:07Direct benefit transfer of one month's salary in three installments to first-time employees,
00:16as registered in the EPFO, will be up to 15,000 rupees.
00:22The eligibility limit will be a salary of one lakh per month.
00:28The scheme is expected to benefit 210 lakh youths.
00:40Scheme B, job creation in manufacturing.
00:45This scheme will incentivize additional employment in the manufacturing sector linked to the
00:52employment of first-time employees.
00:56An incentive will be provided at specified scale directly both to the employee and the
01:03employer with respect to the EPFO contribution in the first four years of employment.
01:11The scheme is expected to benefit 30 lakh youths entering employment and their employers.
01:25Scheme C, support to employers.
01:29This employer-focused scheme will cover additional employment in all sectors.
01:36All additional employment within a salary of one lakh rupee per month will be counted.
01:44The government will reimburse to employers up to 3,000 rupees per month for two years
01:51towards the EPFO contribution for each additional employee.
01:57The scheme is expected to incentivize additional employment of 50 lakh persons.
02:13Participation of women in the workforce.
02:14We will facilitate higher participation of women in the workforce through setting up
02:21of working women hostels in collaboration with industry and establishing creches.
02:29In addition, the partnership will seek to organize women-specific skilling programs
02:35and promotion of market access for women SHG enterprises.
02:44I am happy to announce a new centrally sponsored scheme as the fourth scheme under the Prime
02:54Minister's package for skilling in collaboration with state governments and industry.
03:0020 lakh youth will be skilled over a five-year period.
03:091,000 industrial training institutes will be upgraded in hub-and-spoke arrangements
03:20with outcome orientation.
03:23Course content and design will be aligned to the skill needs of industry and new courses
03:30will be introduced for emerging needs.
03:33Don't miss out.
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