-Yugvarta News Agency (YNA)

Lucknow/New Delhi, July 23, 2024 : During the Budget presentation, Finance Minister Nirmala Sitharaman announced three schemes for employment-linked incentives, including a Rs 2 lakh crore allocation for job creation over the next five years.

A direct benefit transfer of 1-month salary in 3 instalments up to Rs 15,000 will be provided to first-time employees registered in EPFO.

Scheme 2 will provide incentive to both employee and employer in first 4 years of employment. Scheme 3 will provide support to the employers. Reimbursement to employers up to 3,000 per month for 2 years towards their EPFO contribution for each additional employee.

Sitharaman emphasized that Prime Minister Narendra Modi's first post-election budget for 2024-25 prioritises employment and support for the middle class.

"This budget will decide the direction of our work for the next five years and this will lay the foundation of fulfilling our objective to make India a developed country by 2047," PM Modi had said on Monday ahead of the budget.