Budget 2024 for Employment and Skilling: Check PM’s 5 Schemes with Details

Budget 2024 for Employment and Skilling: Finance Minister Nirmala Sitharaman unveiled a significant allocation of Rs 1.48 lakh crore for education, employment, and skill development in the Budget 2024. Key highlights include financial assistance for student loans up to Rs 10 lakh for higher education in Indian institutions and a new collaborative skilling program with state governments and industries. This initiative aims to empower approximately 20 lakh young individuals with skills over the next five years, enhancing their employability and prospects.

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Check PM’s Schemes for Job Employment with Details

Finance Minister Nirmala Sitharaman revealed that the government has earmarked Rs 1.48 lakh crore to bolster education, employment, and skill development. As part of the Prime Minister's comprehensive package, five innovative schemes will be launched to drive employment, skilling, and various opportunities for a staggering 4.1 crore young individuals over the next five years, paving the way for a brighter future. Here is the complete list of schemes along with their details:

Scheme A: First-Time Employment Support

Objective: Encourage first-time employment and support new entrants in the workforce

Benefits:

    - First-time employees registered in the EPFO will receive a one-month salary of up to ₹15,000.

    - Payment will be made in three instalments to ensure continuous support.

    - This scheme aims to ease the transition into the workforce and provide financial stability during the initial phase of employment.

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Scheme B: Job Creation In Manufacturing

Objective: Boost job creation in the manufacturing sector and encourage employers to hire new employees

Benefits:

    - Incentives will be provided directly to both employees and employers based on their EPFO contributions.

    - Incentives will be scaled according to the number of years of employment, with a focus on the first four years.

    - This scheme aims to stimulate job growth in the manufacturing sector and support employers in expanding their workforce.

Scheme C: Employer Support and Employment Generation

Objective: Encourage employers to hire additional employees and support employment generation

- Benefits:

    - The government will reimburse up to ₹3,000 per month for two years towards EPFO contributions made by employers for each additional employee hired.

    - This scheme aims to reduce the financial burden on employers and incentivize them to create new job opportunities.

Centrally Sponsored Skilling Scheme

Objective: Enhance skills and employability of youth across the country

Benefits:

    - 20 lakh youth will be skilled over five years.

    - 1,000 ITIs will be upgraded in a hub-and-spoke arrangement to improve infrastructure and training facilities.

Internship Scheme in Top Companies

Objective: Provide valuable work experience and exposure to top companies for youth

Benefits:

    - 1 crore youth will be placed in internships in 500 top companies over five years.

    - Internships will be designed to provide hands-on experience and skill development opportunities.

    - This scheme aims to enhance employability and prepare youth for the workforce.

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