By Vivek Dubey
CNBC-TV18.com
Published July 23, 2024
Finance Minister Nirmala Sitharaman announces a ₹2 lakh crore package for youth employment, skilling and opportunities over 5 years.
First-time employees registered in EPFO receive up to ₹15,000 in three instalments. Eligibility for employees with salaries up to ₹1 lakh.
Scheme offers incentives to employers for hiring first-time employees. Subsidies linked to EPFO contributions for up to four years.
Employers must refund the subsidy if employment ends within 12 months. Aimed at maintaining job stability.
Reimbursement up to ₹3,000 per month for EPFO contributions for additional employees. Expected to create 50 lakh new jobs.
Over 20 lakh youth to be skilled in 5 years. Upgrading 1,000 ITIs to enhance training facilities and opportunities.
Model Skill Loan Scheme updated to offer loans up to ₹7.5 lakh for vocational training, supporting skill development.
1 crore youth to gain internships in 500 top companies over 5 years. Includes ₹5,000 monthly allowance and ₹6,000 one-time aid.
Companies to use CSR funds for training costs in the internship scheme. Aiming for practical skill development.
1,000 Industrial Training Institutes to be modernised with hub and spoke model. Enhancing educational infrastructure for better skilling.
Package focuses on sustained job creation and skill enhancement to support India's growing youth population over the next 5 years.