Finance Minister Nirmala Sitharaman has unveiled new employment-linked skilling schemes as part of the Union Budget 2024. These initiatives are included in the Prime Minister’s package and focus on encouraging formal sector employment.
Under the new schemes, first-time employees will receive a direct benefit transfer (DBT) of up to ₹15,000, equivalent to one month’s wage. This benefit will be provided in three instalments to those earning up to ₹1 lakh per month. The goal is to support around 2.1 lakh youths entering the workforce.
Sitharaman emphasized that the government plans to skill 20 lakh youth over the next five years. The schemes will be linked to enrolment in the Employees’ Provident Fund Organisation (EPFO) and aim to recognize and support first-time employees and their employers.
Finance Minister Nirmala Sitharaman says, “Our govt will implement three schemes for employment-linked incentives as part of the Prime Minister’s package. These will be based on enrollment in the EPFO and focus on recognition of the first time employees and support to employees and employers.”
