Budget 2024: Three Schemes Announced For Employment Linked Incentives

Jul 23, 2024 Toshani Adhikary

Three employment-linked projects were presented by Finance Minister Nirmala Sitharaman as part of the Prime Minister's budget package

[{"selector":"#anim-af0a445b-f676-45f8-a554-09d83165164c","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-30b8e77f-e013-4479-bc59-e31ee317153c","keyframes":{"transform":["translate3d(0px, 129.04682%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bf32cd28-253b-448c-967e-70d7e58409f2 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

These schemes promote job creation and provide significant benefits to employees and employers

[{"selector":"#anim-b86237f3-32a0-4e32-9fcf-7a6358c4853a","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2dd16030-76ae-4278-bff9-fa598d74deec","keyframes":{"transform":["translate3d(0px, 152.04674%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ef257d97-9834-4a5b-b7d7-5f305656e752 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(6.361287726506916%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

Here are the three schemes under 'Employment Linked Incentives'

[{"selector":"#anim-e9c32daa-9046-4ba4-b2e4-ec841e204ae6","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-26d9b814-0fbd-4d64-bf19-d5d0695e78ab","keyframes":{"transform":["translate3d(0px, 200.22003%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c8469140-81e9-47cc-b2ef-07252005f9d4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-10.351658424955055%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

First-time employees in all formal sectors will receive their first month's wage in three installments, totaling up to Rs 15,000

[{"selector":"#anim-4f79fda3-cd4b-494b-acae-d1c3590361a0","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a7154c8c-5b7c-4dc0-b57f-5f146192fc9f","keyframes":{"transform":["translate3d(0px, 137.15730%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-22441b46-a767-41f6-b63d-c96572d6247a","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-50175016-9c4d-49cd-b13a-8137b1c1c134","keyframes":{"transform":["translate3d(0px, 668.83514%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8a4f5fdb-45cc-4ea8-bf0c-ad47eebee004 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-3.552713678800501e-15%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

Providing incentives to both employees and employers based on their EPFO contributions during the first four years of employment

[{"selector":"#anim-bdc9dac3-c595-471b-969e-4c152eac53cc","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-15cb51e6-eda0-4083-ad1b-c2da85e9847a","keyframes":{"transform":["translate3d(0px, 137.15730%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-48e2c2b5-ee49-4b2b-867e-6880e6d7e44e","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a3513eea-238d-44b2-9cb5-bfe9a196c553","keyframes":{"transform":["translate3d(0px, 418.47033%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0f1fecf3-4900-4ba1-a980-841db610dd82 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-3.552713678800501e-15%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

Reimbursement of EPFO contributions for employers up to Rs 3,000 per month for two years

[{"selector":"#anim-501fc1f2-1808-4c8d-9db7-526c1f8ad942","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7893ea38-243f-4f19-80fa-1dd5379caed3","keyframes":{"transform":["translate3d(0px, 153.83921%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-54f3cd4a-714e-46cc-9dbd-497ea4c24580","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ade4ecc1-a4d5-4fba-9ab5-592b6ab3e5fa","keyframes":{"transform":["translate3d(0px, 374.31448%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4229d1d0-6218-4077-a62d-eb3918c5abd9 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

Read More 77th Army Day: Women Agniveers and Tech Innovations Shine Indian Army Day 2025: Why January 15 is Special for the Nation Inauguration Day with Trump: Key Moments to Watch For Around the World with O: Only Countries that Begin with ‘O’