In the Union Budget 2024, Finance Minister Nirmala Sitharaman has unveiled a series of initiatives aimed at boosting employment across the country. As part of the Prime Minister's comprehensive package, the government will introduce three new schemes designed to provide employment-linked incentives. These schemes will be centered around the Employees' Provident Fund Organisation (EPFO) enrollment and will target both first-time employees and existing workforce.
"The government is committed to fostering employment opportunities and supporting both employees and employers," Sitharaman stated during her budget speech. "These schemes will not only recognize first-time employees but also offer substantial support to the workforce and the businesses that hire them."The new schemes are expected to incentivize employers to hire more workers, thereby stimulating job creation and economic growth. The specific details of the schemes, including eligibility criteria and the nature of the incentives, are anticipated to be released in the coming weeks.
Union Finance Minister Nirmala Sitharaman on Tuesday announced the Prime Minister's package of five schemes to facilitate employment, education, and skills for youth with a central outlay of ₹2 lakh crores. Addressing the Budget speech, FM Sitharaman said, “I am happy to announce the Prime Minister's package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over 5 years with a central outlay of ₹2 lakh crores.” “This year we have made a provision of ₹1.48 lakh crores for education, employment and skilling…,” the minister said. For educational loans, Sitharaman announced the financial support for loans up to ₹10 lakhs for higher education in domestic institutions." Finance Minister Nirmala Sitharaman is presenting the Union Budget 2024 in the Parliament. This is her seventh consecutive budget speech. With this, she has surpassed late Morarji Desai's record of presenting the budget six times consecutively.