By Rajni Pandey | July 23, 2024
Image Credit: PTI
Boost to Skilling
Finance Minister Nirmala Sitharaman unveiled three new schemes in the Union Budget 2024 to boost employment and skilling, offering direct benefits and incentives to employees and employers.
Image Credit: Canva
Direct Benefit Transfer
First-time employees registered with the Employee Provident Fund Organization (EPFO) will receive a direct benefit transfer of one month's salary in three installments, up to Rs 15,000.
Image Credit: Canva
Image Credit: Canva
Incentives for EPFO Contributions
Both employees and employers in the manufacturing sector will receive incentives based on their EPFO contributions for the first four years of employment.
Image Credit: Canva
Image Credit: Canva
Image Credit: Canva
Employer Reimbursement
Employers will be reimbursed up to Rs 3,000 per month for two years for each additional employee added to their workforce, aiding in job creation.