Budget 2024: Finance Minister announces direct transfer of Rs 15,000 to EPFO accounts for first-time job seekers

Union Budget 2024: The first full budget of the Modi 3.0 government was presented in Parliament today. Finance Minister Nirmala Sitharaman announced several significant measures for various sectors and demographics. A major highlight was a new initiative for the youth. 

During her budget speech, the Finance Minister revealed that the government will introduce three incentive schemes to promote employment, offering incentives in three phases under the PM scheme.

"Government to set up three schemes for employment generation. Scheme for first-timers to provide one-month wage to all persons newly entering the workforce in all sectors. First-time employment scheme to benefit 2.1 crore lakh youths," FM Sitharaman said.

Scheme A is for first-timers, Scheme B is for the creation of jobs in the manufacturing sector, and Scheme C is for support to employers, FM Sitharaman explained.

Under Scheme A, the Finance Minister announced a significant benefit for first-time workers in all formal sectors. She stated that new employees will receive one month's salary, up to Rs 15,000, through Direct Benefit Transfer (DBT) in three installments. This benefit is available to those with a starting salary of less than Rs 1 lakh, and it is expected to benefit approximately 2.1 lakh young individuals.

Finance Minister has given a major relief to #salaried class in budget as per Ankit Jain, Partner Ved Jain nd associates. @@ankit5j ⁦@nsitharaman⁩ ⁦@FinMinIndia⁩ ⁦@IncomeTaxIndia⁩ ⁦@ZeeBusiness⁩ pic.twitter.com/XatZar3NWP

— Tarun Sharma (@talktotarun) July 24, 2024