{"id":11042,"date":"2024-07-23T23:16:14","date_gmt":"2024-07-23T17:46:14","guid":{"rendered":"https:\/\/matribhumisamachar.com\/en\/?p=11042"},"modified":"2024-07-23T23:16:14","modified_gmt":"2024-07-23T17:46:14","slug":"government-announces-3-employment-linked-incentive-schemes-under-prime-ministers-package","status":"publish","type":"post","link":"https:\/\/matribhumisamachar.com\/en\/2024\/07\/23\/government-announces-3-employment-linked-incentive-schemes-under-prime-ministers-package\/","title":{"rendered":"Government Announces 3 Employment-Linked Incentive Schemes under Prime Minister\u2019s Package"},"content":{"rendered":"<p style=\"text-align: justify;\">The Government will implement 3 schemes for \u2018Employment Linked Incentive\u2019, as part of the Prime Minister\u2019s package. These will be based on enrolment in the EPFO, and focus on recognition of first-time employees, and support to employees and employers. This was announced by Union Minister for Finance &amp; Corporate Affairs, Smt. Nirmala Sitharaman while presenting the Union Budget 2024-25 in Parliament today. The three schemes to be implemented are as below:<\/p>\n<p style=\"text-align: justify;\"><strong>Scheme A: First Timers<\/strong><\/p>\n<p style=\"text-align: justify;\">The Union Finance Minister said that this scheme will provide one-month wage to all persons newly entering the workforce in all formal sectors. The direct benefit transfer of one-month salary in 3 instalments to first-time employees, as registered in the EPFO, will be up to ` 15,000. The eligibility limit will be a salary of ` 1 lakh per month. \u201cThe scheme is expected to benefit 210 lakh youth\u201d, she said.<\/p>\n<p style=\"text-align: justify;\"><strong>Scheme B: Job Creation in manufacturing<\/strong><\/p>\n<p style=\"text-align: justify;\">The Union Finance Minister stated that this scheme will incentivize additional employment in the manufacturing sector, linked to the employment of first-time employees. An incentive will be provided at specified scale directly both to the employee and the employer with respect to their EPFO contribution in the first 4 years of employment. Smt. Nirmala Sitharaman stated that the scheme is expected to benefit 30 lakh youth entering employment and their employers.<\/p>\n<p style=\"text-align: justify;\"><strong>Scheme C: Support to employers<\/strong><\/p>\n<p style=\"text-align: justify;\">This employer-focused scheme will cover additional employment in all sectors, said the Union Finance Minister. All additional employment within a salary of ` 1 lakh per month will be counted. The Government will reimburse to employers up to ` 3,000 per month for 2 years towards their EPFO contribution for each additional employee. \u201cThe scheme is expected to incentivize additional employment of 50 lakh persons\u201d, she added.<\/p>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/static.pib.gov.in\/WriteReadData\/userfiles\/image\/image001ZPWG.jpg\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Government will implement 3 schemes for \u2018Employment Linked Incentive\u2019, as part of the Prime Minister\u2019s package. These will be based on enrolment in the EPFO, and focus on recognition of first-time employees, and support to employees and employers. This was announced by Union Minister for Finance &amp; Corporate Affairs, Smt. Nirmala Sitharaman while presenting &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[8509,8510,8511],"class_list":["post-11042","post","type-post","status-publish","format-standard","","category-business-english-news","tag-employment-linked-incentives","tag-government-incentives","tag-job-creation-scheme"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Government Announces 3 Employment-Linked Incentive Schemes under Prime Minister\u2019s Package - Matribhumi Samachar English<\/title>\n<meta name=\"description\" content=\"Learn about the 3 new employment-linked incentive schemes introduced by the government as part of the Prime Minister\u2019s Package. 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