The Union Budget 2024-25 has outlined that as part of the Prime Minister's package, five key schemes and initiatives have been announced, supported by a massive central outlay of Rs. 2 lakh crore. The package will facilitate employment, skilling and other opportunities for 4.1 crore youth over a 5-year period. These initiatives aim at Employment Linked Incentives besides enhancing skilling, women's workforce participation, support to MSMEs and strengthening capital infrastructure, collectively driving a significant positive impact on the nation's employment scenario. Three of these five schemes will be implemented through the Employee Provident Fund Organisation (EPFO), encouraging workforce formalization by incentivizing both employers and employees. These Employment Linked Incentive Schemes are designed to recognize first-time employees and provide comprehensive support to both employees and employers.

Powered by Capital Market - Live News