Scheme A was one of the highlights of the Union Budget 2024, introduced by Finance Minister Nirmala Sitharaman on Tuesday, with an aim of providing support to first-time employees.
The scheme promises one month’s wage to all new formal sector employees, with direct benefit transfers up to Rs 15,000 per employee, distributed in three installments.
With an eligibility threshold of a Rs 1 lakh monthly salary, the government expects this initiative to benefit approximately 210 lakh young individuals, offering them a financial cushion as they enter the workforce for the first time.
Four schemes were outlined to support employment. Scheme B offers incentives for job creation in manufacturing, targeting 30 lakh youths. Scheme C reimburses employers up to Rs 3,000 per month for EPFO contributions for additional hires, aiming to create 50 lakh jobs.
Also, a new scheme will skill 20 lakh youth over five years by upgrading 1,000 industrial training institutes and aligning courses with industry needs. Additionally, the “Model Skill Loan Scheme” will be revised to offer loans up to Rs 7.5 lakh to 25,000 students annually.
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