Budget 2024: 3 New Schemes Announced for Employment Linked Incentive by FM [Read Bill]

The Union Finance Minister Nirmala Sitharaman presented the full budget at 11 AM on 23rd of July 2024. The Budget 2024 announced the introduction of 3 new schemes under “Employment Linked Incentive.”

The scheme will benefit both the employers and employees, with prime focus on recognizing first-time employees.

Scheme A: First Timers
First- time employees registered under EPFO( Employees Provident Fund Organisation) can avail direct benefit transfer of 1 month salary in 3 installments upto Rs 15,000.

Scheme B: Job Creation in Manufacturing
Employees and employers shall be provided with incentives as per their EPFO contributions, in the first 4 years of employment.

Scheme C: Support to Employers
Scheme C is an employer focused scheme, the government will reimburse employers upto Rs 3,000 per month for 2 years towards their EPFO contribution for each additional employee, thus focusing on additional employment in all sectors.

The 2024 Budget focuses on inclusive growth and long term development goals with Employment linked Incentive profiting both employees and employers. The government shall allocate 2 Lakh Crores over the next 5 years for job creation.

To Read the full text of the Order CLICK HERE

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