Union Budget 2024: Govt to Grant Up to Rs. 15,000 as First-Month Wage for New Employees

New Delhi: Finance Minister Nirmala Sitharaman announced the Union Budget 2024, revealing that under the employment-linked PM Package, first-time employees will receive their first month's wage, up to Rs. 15,000, through EPFO enrollment. Freshers earning up to Rs. 1 lakh per month will qualify for this support.

The funds will be distributed in three installments, and the scheme is available to new hires across all formal sectors. The government expects to support around 2.1 lakh young people with this initiative.

Union Budget 2024: Govt to Pay Salary to First-Timers If…

The first scheme is especially for ‘First Timers’. It includes Direct salary of Rs 15000 which will be transferred to all first timers by the government. 

It's eligibility criteria is that the salary must be within Rs 1 lakh per month.

Union Budget 2024: Education Loans of Up To Rs 10 Lakh

Education loans: Financial support of loans upto 10 lakhs in domestic institutions. Annual Interest Subvention for 3 percent

Budget 2024: Key Takeaways for Students, Working Professionals

• Govt to set up working women hostels to promote women participation in workforce.
• 1,000 ITIs to be upgraded in hub and spoke model, says FM in Lok Sabha
• Govt to launch scheme to provide internship opportunities to 1 crore youth in 500 top companies over 5 years.
• Manufacturing Jobs Assistance- Incentive of specified scale directly to employee and employer in first 4 years of employment will be provided to employees entering manufacturing jobs. This will benefit 30 lakh youth and employers.
• Support to employers- Additional employment in all sectors within a salary of 1 lakh/month will be provided Rs 3,000 per month for 2 years to cover EPFO charges. This will incentivise additional employment of upto 50 lakh persons. 20 lakh youth will be skilled over 5 years. 
• A scheme to provide internship in top 500 companies to 1 crore youth in 5 years. They will gain exposure to real life business. Interns will be given Rs.5,000 per month along with one time assistance of Rs.6,000.