Union Budget 2024: FM Nirmala Sitharaman Announces Direct Benefit Transfer Scheme for EPFO-Registered First-Time Employees, Offering Up to Rs 15,000

In her presentation of Budget 3.0, Finance Minister Nirmala Sitharaman announced a new initiative targeting first-time employees. Under the scheme, people entering the formal workforce will receive a one-month salary as a Direct Benefit Transfer, distributed in three installments. The scheme is designed for employees registered with the EPFO, with a maximum benefit of Rs 15,000 for those earning up to Rs 1 lakh per month. The initiative aims to assist 21 million youth.

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#WATCH | #Budget2024 | Finance Minister Nirmala Sitharaman says, "...One month wage to all persons newly entering the workplace in all formal sectors. Direct Benefit Transfer of one month salary in 3 instalments to first-time employees as registered in the EPFO will be up to Rs… pic.twitter.com/VRooHpwxBj

— ANI (@ANI) July 23, 2024

"One month wage to all persons newly entering the workplace in all formal sectors. Direct Benefit Transfer of one month salary in 3 instalments to first-time employees as 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," said Nirmala Sitharaman.

Finance Minister Nirmala Sitharaman unveiled the Budget for the fiscal year 2024-25 on Tuesday, making it her seventh consecutive budget presentation. This surpasses the previous record held by former Prime Minister Morarji Desai. Delivered in the Lok Sabha, this Budget is the first under Prime Minister Narendra Modi's third term.