In a bid to address the nation's employment concerns, the Centre announced a series of landmark initiatives in Budget 2024 aimed at creating job opportunities and enhancing skill development across the country.
The Centre’s new employment generation schemes include a first-time employment initiative that offers one month's wage to new workforce entrants across all sectors, potentially benefiting 2.1 crore youths.
Under this scheme, a direct benefit transfer (DBT) of one month's salary, up to Rs 15,000, will be provided in three instalments, with an eligibility limit of a Rs 1 lakh monthly salary.
A novel job growth incentive plan targets both employees and employers during the first four years of employment.
This scheme covers all employment with salaries up to Rs 1 lakh per month and promises to reimburse employers Rs 3,000 per month towards EPFO contributions for two years for each additional employee.
This initiative aims to create 50 lakh new jobs and benefit 30 lakh youths.
Significant revisions to the Model Skill Loan Scheme will now allow loans up to Rs 7.5 lakh with a government-backed guarantee fund, expected to benefit 25,000 students annually.
Additionally, the government will provide financial support for higher education loans up to Rs 10 lakh for domestic institutions, with 1 lakh students receiving e-vouchers each year.
To further boost workforce participation, particularly among women, the budget includes the establishment of working women's hostels and crèches in collaboration with industry partners.
Enhanced skilling programs and support for women-led self-help groups (SHGs) are also on the agenda to increase female employment rates.
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