If you’re starting a new job with a salary of ₹50,000, this news could benefit you. On July 23,
Finance Minister Nirmala Sitharaman announced several important schemes in the general budget that include employment-related incentives.
Details of the New Scheme
The government will now provide a financial boost to freshers starting their first job. Under the new scheme, first-time employees will receive one month’s salary, up to a maximum of ₹15,000.
This amount will be transferred directly to the employee’s account in three installments.
To be eligible, the employee must be registered with the Employees’ Provident Fund Organisation (EPFO) and have a monthly salary limit of ₹1 lakh.
It is estimated that around 2.1 crore young people will benefit from this initiative.
Support for Employers
The scheme also includes support for employers.
Companies and institutions will receive financial help for hiring new employees.
Specifically, the government will reimburse employers ₹3,000 per month for their EPFO contributions for each additional employee hired, for up to two years.
This is expected to encourage the creation of 50 lakh additional jobs across various sectors.
Incentives for the Manufacturing Sector
In the manufacturing sector, additional incentives will be provided for employing first-time job seekers.
Both the new employee and the employer will receive benefits related to their EPFO contributions during the first four years of employment.
This part of the scheme aims to support 30 lakh first-time job seekers and their employers.
