Akshata Sharma
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FM Nirmala Sitharaman, while presenting the Union Budget on Tuesday, announced three schemes under Employment-linked incentives and said the Indian government will allocate Rs 2 lakh crore to facilitate employment, skilling and other opportunities for 4.1 crore youth over the next 5-years.
Scheme A includes a Direct Benefit Transfer of 1-month salary in 3 instalments up to Rs 15,000 to first-time employees registered in EPFO.
Scheme B revolves around job creation in manufacturing incentives that will be provided directly to both employees and employers as per their EPFO contribution, in the first 4 years of employment.
Scheme C includes Support to Employers: Reimbursement to employers up to 3,000 per month for 2 years towards their EPFO contribution for each additional employee.
The government also announced a new centrally-sponsored scheme for skilling 20 lakh youth over the next five years.
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