Union Budget 2024: Govt announces mega internship scheme for 1 crore youth

Union Budget 2024: In the Budget announcement today, Finance Minister Nirmala Sitharaman outlined a sweeping set of initiatives aimed at boosting youth employment and incentivising job creation in the Union Budget 2024. This marks the first budget of Prime Minister Narendra Modi’s third term and Sitharaman's seventh as Finance Minister.

Internship scheme for one crore youth

The government will launch a comprehensive scheme designed to offer internships in top companies to one crore young individuals over the next five years. This initiative aims to equip the youth with practical experience and enhance their employability in a competitive job market.

Salary subsidy for first-time employees

In a bid to encourage companies to hire fresh talent, the Finance Minister announced a Direct Benefit Transfer (DBT) scheme, providing a one-month salary subsidy of up to Rs 15,000 for first-time employees. The eligibility limit for this benefit is set at Rs 1 lakh per month.

Youth employment and EPFO incentives

The budget also stressed job creation in the manufacturing sector, with incentives tied to the Employees’ Provident Fund Organisation (EPFO) contributions. The government estimates that 30 lakh youth entering employment, along with their employers, will benefit from these incentives.

Finance Minister Sitharaman highlighted that the comprehensive measures will benefit 210 lakh youth, aiming to address the pressing need for job creation and skill development in India.

(Source: Republicbiz)