Live Nirmala Sitharaman's Auto Sector Budget 2024, which prioritizes employment and skill development

It is intended to cover more employment in all sectors and benefit thirty lakh youth. For every extra employee, the government would refund firms for up to Rs 3,000 in monthly EPFO contributions for a maximum of two years. The goal of this program is to provide incentives for 50 lakh more people to find work.

In her seventh consecutive Union Budget, Finance Minister Nirmala Sitharaman on Tuesday unveiled a number of plans to increase employment and skill levels. Sitharaman unveiled a Rs 2 lakh crore initiative for five programs designed to train 4.1 crore young people in the nation and create jobs for them.A package for employment and skill development, as well as three "Employment Linked Incentive" programs were also announced by the FM: Scheme A is for newcomers, Scheme B is for manufacturing job creation, and Scheme C is for employers' assistance.

For first-time employers registered with the EPFO, Scheme A offers a direct benefit transfer of one month's income in three installments up to Rs. 15,,000. Incentives are to be given to businesses and employees based on their EPFO contributions during the first four years of employment under Scheme B, which aims to create jobs in the manufacturing sector. Scheme C relates to the repayment of employers' EPFO contributions for each extra employee, up to a maximum of Rs 3,000 per month for two years.