The implementation of the policy will likely provide quality jobs to over 10 million youth. Image source: PTI
In a bid to create job opportunities in the country, the government is likely to announce its first national employment policy in the upcoming budget.
This policy that will outline a comprehensive road map for creation of quality jobs across sectors through economic, social and labour policy interventions, an ET report said.
According to the ET report, the multi-pronged employment policy will include incentives for employers to create more jobs, reforms to attract enterprises and help for medium and small scale industries, which are major job providers.
The implementation of the policy will likely provide quality jobs to over 10 million youth added to the country's workforce every year and ensuring that more of these are created in the formal sector. As of now, barely 10% of the country's 400 million workforce is in the organised sector, as per the ET report.
"The policy will moot fiscal incentives for employers across labour intensive sectors to create more jobs as well as employees to get engaged in the organised sector as this would fetch them minimum wages and enough social security," a senior government official told ET.
The plan reportedly comes amid rising pressure to speed up job creation in sync with economic growth so that incomes rise and millions of people are lifted out of poverty.
The report further added that the government is assessing the current employment situation in the country, including the macroeconomic environment, demographic context and sectoral employment generation challenges and constraints, following which it will set targets and monitor them.
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