Budget 2024-25: Rs 2 Lakh Crore Package For Employment And Skilling Of 4.1 Crore Youth

Union Finance Minister Nirmala Sitharaman on Tuesday (23 July) presented the first budget of the Modi 3.0 in the Parliament.

During her Budget speech, the Finance Minister announced that the government is particularly focusing on employment, skilling, MSMEs, and the middle class.

"I am happy to announce the Prime Minister’s package of five schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over a 5-year period with a central outlay of Rs 2 lakh crore," Sitharaman said.

Under the Prime Minister’s Package for employment and skilling, the minister announced three schemes for ‘Employment Linked Incentive’.

Scheme A: First Timers

• Direct benefit transfer of 1-month salary in 3 instalments up to 15,000 to first-time employees registered in EPFO.

Scheme B: Job Creation in Manufacturing

• Incentive to be provided directly to both employee and employer as per their EPFO contribution, in the first 4 years of employment

Scheme C: Support to Employers

• Reimbursement to employers up to 3,000 per month for 2 years towards their EPFO contribution for each additional employee.

Union Budget 2024-25 also proposes revision of Model Skill Loan Scheme to help 25,000 students every year.

E-vouchers for loans upto Rs 10 lakh for higher education in domestic institutions will be given directly to one lakh students every year for annual interest subvention of 3 per cent of loan amount.

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