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TMI BlogGOVERNMENT TO IMPLEMENT 3 SCHEMES FOR ‘EMPLOYMENT LINKED INCENTIVE’ AS PART OF THE PRIME MINISTER’S PACKAGEX X X X Extracts X X X X X X X X Extracts X X X X ..... GOVERNMENT TO IMPLEMENT 3 SCHEMES FOR ‘EMPLOYMENT LINKED INCENTIVE’ AS PART OF THE PRIME MINISTER’S PACKAGE - Budget Dated:- 23-7-2024 - News - GOVERNMENT TO IMPLEMENT 3 SCHEMES FOR ‘EMPLOYMENT LINKED INCENTIVE’ AS PART OF THE PRIME MINISTER’S PACKAGE - - - Dated:- 23-7-2024 - SCHEME TO PROVIDE ONE-MONTH WAGE TO ALL PERSONS NEWLY ENTERING THE WORKFORCE IN ALL FORMAL SECTORS EXPECTED TO BENEFIT 21 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 LAKH YOUTH SCHEME TO INCENTIVIZE ADDITIONAL EMPLOYMENT IN THE MANUFACTURING SECTOR LINKED TO THE EMPLOYMENT OF FIRST-TIME EMPLOYEES EXPECTED TO BENEFIT 30 LAKH YOUTH EMPLOYER-FOCUSED SCHEME COVERING ADDITIONAL EMPLOYMENT IN ALL SECTORS EXPECTED TO INCENTIVIZE ADDITIONAL EMPLOYMENT OF 50 LAKH PERSONS The Government will implement 3 schemes for Employment Linked Incentive , as part of the Prime Mi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nister s package. These will be based on enrolment in the EPFO, and focus on recognition of first-time employees, and support to employees and employers. This was announced by Union Minister for Finance Corporate Affairs, Smt. Nirmala Sitharaman while presenting the Union Budget 2024-25 in Parliament today. The three schemes to be implemented are as below: Scheme A: First Timers The Union Finance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Minister said that this scheme will provide one-month wage to all persons newly entering the workforce in all formal sectors. The direct benefit transfer of one-month salary in 3 instalments to first-time employees, as registered in the EPFO, will be up to ` 15,000. The eligibility limit will be a salary of ` 1 lakh per month. The scheme is expected to benefit 210 lakh youth , she said. Scheme B: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Job Creation in manufacturing The Union Finance Minister stated that this scheme will incentivize additional employment in the manufacturing sector, linked to the employment of first-time employees. An incentive will be provided at specified scale directly both to the employee and the employer with respect to their EPFO contribution in the first 4 years of employment. Smt. Nirmala Sitharaman state ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that the scheme is expected to benefit 30 lakh youth entering employment and their employers. Scheme C: Support to employers This employer-focused scheme will cover additional employment in all sectors, said the Union Finance Minister. All additional employment within a salary of ` 1 lakh per month will be counted. The Government will reimburse to employers up to ` 3,000 per month for 2 years to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wards their EPFO contribution for each additional employee. The scheme is expected to incentivize additional employment of 50 lakh persons , she added. - - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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