Government unveils five employment and skilling schemes with Rs 2 lakh crores allocation
The government will implement three schemes for employment-linked incentives as part of the Prime Minister's package.
In the 2024 Union Budget, Finance Minister Nirmala Sitharaman announced five employment and skilling schemes to create employment and enhance skills, benefiting 4.1 crore youth with an allocation of Rs 2 lakh crores. Presenting the budget in Parliament on July 23, Sitharaman detailed the government’s commitment to education, employment, and skills with a provision of Rs 1.48 lakh crores.
“I am happy to announce the Prime Minister’s package of five schemes and initiatives to facilitate employment, skilling, and other opportunities for 4.1 crore youth over five years with a central outlay of Rs 2 lakh crores. This year we have made a provision of Rs 1.48 lakh crores for education, employment, and skilling,” Sitharaman said.
The government will implement three schemes for employment-linked incentives as part of the Prime Minister’s package. These will focus on recognizing first-time employees and providing support to employees and employers through the EPFO.
“One month wage will be given to all persons newly entering the workplace in all formal sectors. Direct Benefit Transfer of one month salary in three installments to first-time employees registered in the EPFO will be up to Rs 15,000. The eligibility limit will be a salary of Rs 1 lakh per month. The scheme will benefit 210 lakh youth,” Sitharaman explained.
The Finance Minister also announced financial support for higher education loans, stating, “The government will provide financial support for loans up to Rs 10 lakhs for higher education in domestic institutions.”
Additionally, Sitharaman highlighted the Modi 3.0 government’s nine priority areas, which will shape future budgets and drive the nation forward. These areas are: productivity and resilience in agriculture, employment and skilling, improved human resources, social justice, manufacturing and services, urban development, energy security, infrastructure, innovation, research and development, and next-gen reforms.
“The Budget envisages sustained efforts on nine priority areas for generating ample opportunities for all. Future budgets will build on these priorities of the 2024 Budget,” the finance minister said.
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