Government Unveils Major Employment Boost Schemes Through EPFO

The government has announced three schemes with a central outlay of Rs 1.07 lakh crore to boost employment through EPFO. These schemes focus on incentivizing first-time employees, supporting employers, and new job creation, benefiting approximately 290 lakh youth across various sectors.

The government on Tuesday announced three ambitious schemes to boost employment through the Employees' Provident Fund Organisation (EPFO), with a total central outlay of Rs 1.07 lakh crore.

In her budget speech, Finance Minister Nirmala Sitharaman unveiled these initiatives as part of the 'Employment Linked Incentive' package, targeting first-time employees and supporting both workers and employers.

Scheme-A offers a one-month wage to new workforce entrants, up to Rs 15,000, potentially benefiting 210 lakh youth. Scheme-B incentivizes additional job creation in the manufacturing sector, while Scheme-C supports employers across all sectors, with reimbursements up to Rs 3,000 per month for each new employee. These schemes are expected to benefit around 290 lakh new entrants overall, bolstering employment and economic growth.

(With inputs from agencies.)