79th Independence Day: PM Modi announced Rs 1 lakh crore schemes to youths
79th Independence Day: During his address on India’s 79th Independence Day from the Red Fort, Prime Minister Narendra Modi announced the launch of a new Rs 1 lakh crore scheme for youth employment.
The scheme, named the Pradhan Mantri Viksit Bharat Rozgar Yojana, is designed to create 3.5 crore new jobs over two years and will go into effect immediately.
The scheme has two primary components:
1. Incentives for First-Time Employees:
Young people securing their first private-sector job will receive a direct financial incentive of up to Rs 15,000 from the government. This amount will be disbursed in two installments, after six and twelve months of service, respectively.
To be eligible, an employee’s salary must be up to Rs 1 lakh. The payments will be made via Direct Benefit Transfer (DBT) and are intended to ease the transition into formal employment and encourage savings.
2. Support for Employers:
The government will provide incentives to private sector employers who create new, sustained jobs. Employers can receive up to Rs 3,000 per month for two years for each new employee who is retained for at least six months.
The scheme places a special focus on the manufacturing sector, where these benefits will be extended for a third and fourth year. To qualify, establishments registered with the Employees’ Provident Fund Organisation (EPFO) must hire a minimum number of additional employees.
