4.1 crore jobs for teens in 5 years, says Financial Survey – Firstpost

The Financial Survey of 2024-25 tabled by Finance Minister Nirmala Sitharaman in Lok Sabha on Friday talked about the 5 key schemes launched in final 12 months’s Union Funds that helped generate employment for younger employees in India.

The Prime Minister’s package deal of 5 schemes goals to learn 4.1 crore Indian youth over 5 years with a central outlay of Rs 2 lakh crore. These are:

• Scheme A – for first-timers: This initiative affords a one-month wage of as much as ₹15,000 in three instalments to first-time workers registered with the EPFO. With a month-to-month wage restrict of ₹1 lakh, the scheme is designed to help 2.1 crore younger people getting into the workforce for the primary time.

• Scheme B – Job Creation in manufacturing: An incentive will likely be supplied to each the worker and employer, based mostly on the EPFO contributions made throughout the first 4 years of employment. This scheme encourages job creation throughout the manufacturing sector.

• Scheme C – Assist to employers: Underneath the scheme, the federal government will reimburse as much as ₹3,000 per 30 days for 2 years in direction of the EPFO contribution of employers for every further worker. This initiative is predicted to learn 30 lakh youth and generate further employment throughout varied sectors

• New centrally sponsored scheme for skilling: Over 5 years, 20 lakh youth will likely be expert, and 1,000 ITIs will likely be upgraded by way of hub-and-spoke preparations. This initiative is predicted to boost the event of expert human capital, contributing to the creation of high quality employment

• Prime Minister’s Internship Scheme: The scheme affords internships in 500 prime firms to 1 crore youth over 5 years. Members will obtain 12 months of hands-on enterprise expertise, with a month-to-month internship allowance of Rs 5,000 and a one-time help of Rs 6,000. This program goals to bridge the hole between educational information and business wants, supporting broader objectives of enhancing employability and driving financial progress