Union Budget 2024: Government to launch three employment-linked schemes

Finance Minister Nirmala Sitharaman. Pic/PTI

The government will launch three employment-linked schemes, Finance Minister Nirmala Sitharaman said while presenting the Union Budget 2024 on Tuesday, reported news agency PTI.

These schemes will be based on enrolment in Employees' Provident Fund Organization (EPFO), Sitharaman said in the Lok Sabha.

"Our government will implement three schemes for employment-linked incentives," she said while presenting the Union Budget 2024.

About scheme A, she said it will provide one month's wage to those entering the workforce in all sectors.

The scheme B, she said, will incentivise additional employment into the manufacturing sector linked to the employment of first-time employees.

"An incentive will be provided at a specified scale directly to the employee and employer with respect to the EPFO contribution in the first four years of employment. This scheme is expected to benefit 30 lakh youth... and their employers," the minister said, reported PTI.

Sitharaman said that Scheme C will cover additional employment in all sectors.

"All additional employment within a salary of Rs 1 lakh per month will be counted," she said, adding that the government will reimburse employers up to Rs 3,000 per month for two years towards the EFPO contribution to each additional employee, reported PTI.

The scheme is expected to incentivise additional employment of 50 lakh people.

The minister also announced that working women hostels will be set up in the country to promote women's participation in the workforce.

She added that the government will provide funds to the private sector, domain experts and others for developing climate-resilient seeds.

Meanwhile, the government proposed a central assistance of Rs 2.2 lakh crore for urban housing over the next five years as well as an interest subsidy scheme to facilitate loans at affordable rates for urban housing works.

The announcements were made by Finance Minister Nirmala Sitharaman in the Union Budget 2024.

She also said the government will put in place measures for an efficient and transparent rental housing market with enhanced availability.

Among others, the minister has proposed transit-oriented development plans for large cities having a population of over 30 lakh and a scheme to support the development of 100 weekly haats in five years.

Also, the government will develop digital public infra applications in seven areas, including those related to credit and MSME service delivery.

(With inputs from PTI)