Presenting the budget 2024-25 on Tuesday, Union Finance Minister Nirmala Sitharaman announced three employment-linked incentive schemes for employees and employers. These schemes will be based on enrolment in the EPFO for the first-time employees.
Scheme A will provide one-month salary support to enterprises for first-time employees. Under this Direct Benefit Transfer (DBT) scheme, an amount equivalent to one month’s salary, up to a maximum of Rs 15,000, will be disbursed to eligible recipients in three separate installments. The eligibility limit for the scheme will be Rs 1 lakh per month. This initiative is expected to benefit 30 lakh youth entering employment and their employers.
“Our govt will implement three schemes for employment-linked incentives as part of the Prime Minister’s package. These will be based on enrollment in the EPFO and focus on recognition of the first time employees and support to employees and employers,” she said.
The Finance Minister presented the Budget for 2024-25, her 7th straight presentation surpassing the record of former prime minister Morarji Desai.
This is the first Budget during Prime Minister Narendra Modi-led government’s third term in office.
People of India have reinforced their faith in the government led by Modi and re-elected it for the third term, she said, while presenting the Budget in Lok Sabha.
India’s economic growth continues to shine while the global economy is still in the grip of policy uncertainty, Sitharaman added.
The country’s inflation continues to be stable and is moving towards 4 per cent, and core inflation stands at 3.1 pc.
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