Government Introduces Trio of Employment-Linked Schemes in New Budget

Finance Minister Nirmala Sitharaman announced the introduction of three employment-linked schemes during the Union Budget presentation for 2024-25. These schemes are tied to EPFO enrolment and are designed to incentivize employment across various sectors. Additionally, the government aims to set up working women hostels and support climate-resilient seeds development.

During the Union Budget presentation for 2024-25, Finance Minister Nirmala Sitharaman announced the launch of three new employment-linked schemes. The schemes are designed to provide incentives for employers and employees who are enrolled in the Employees' Provident Fund Organization (EPFO).

The first scheme will offer one month's wage to new entrants in all sectors, the second scheme will incentivize the employment of first-time employees in the manufacturing sector, with benefits tied to EPFO contributions for the first four years. Scheme C will focus on additional employment across all sectors, with reimbursements of up to Rs 3,000 per month for two years.

Sitharaman also revealed plans for setting up working women hostels and funding the development of climate-resilient seeds by the private sector and domain experts.