Finance Minister Nirmala Sitharaman on Tuesday announced three employment-linked incentive schemes under the Employees’ Provident Fund Organisation (EPFO) to boost hiring under Union Budget 2024- 2025
Schemes, including
- Scheme A (one month’s salary for freshers),
- Scheme B (job creation in manufacturing), and
- Scheme C (support to employers), are designed to benefit first-time employees enrolling in the EPFO
Scheme A: This scheme includes direct benefit Transfer of 1 month salary in 3 installments upto Rs. 15000 to first time employees registered with EPFO having salary less than Rs. 1 Lacs per month.
Scheme B: This scheme will incentivize additional employment in the manufacturing sector, linked to the employment of first time employees. An Incentives will be provided directly to both employee and employers as per their EPFO contribution, in the first 4 years of employment.
Scheme C: This employer focused scheme will cover additional employment in all sectors. The government will reimburse to employer upto Rs. 3000 per month for 2 years towards their EPFO contribution for each additional Employees having monthly salary less than Rs. 1 lacs.
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