Employment and Skilling Initiatives to Watch

Hey LinkedIn Fam,

Everyone is buzzing about finances, taxes, and the budget. But let’s switch gears and focus on something lighter yet impactful—employment and skilling initiatives announced in the Union Budget 2024-25. These updates are set to create vast opportunities and drive significant growth in the employment sector.

Key Employment Initiatives

1. Employment Linked Incentive Schemes:

• Scheme A: First Timers: Targets first-time employees in the formal sector registered with EPFO, offering a one-month wage subsidy (up to ?15,000) in three instalments.
• Scheme B: Job Creation in Manufacturing: Incentivizes additional employment of first-time employees in manufacturing, with benefits based on EPFO contributions during the first four years.
• Scheme C: Support to Employers: Provides employers with reimbursement of ?3,000 per month for two years towards their EPFO contribution for each additional employee with a salary of up to ?1 lakh per month.

Increasing Female Workforce Participation

To boost women’s participation in the workforce, several supportive measures have been introduced:

• Working Women Hostels and Crèches: Facilities established in collaboration with industry partners.
• Women-Specific Skilling Programs: Tailored to enhance skills and employability.
• Promotion of Market Access for Women SHGs: Initiatives to support women-led Self Help Groups in accessing broader markets.

Centrally Sponsored Scheme for Skilling Youth

A major focus of the budget is on skilling initiatives:

• New Skilling Scheme: Targets skilling of 20 lakh youth over five years, in collaboration with state governments and industries, aligned with industry needs.
• Upgradation of ITIs: 1,000 Industrial Training Institutes will be upgraded to enhance skilling efforts, bridging the skill gap for emerging job roles.

Internship Opportunities

An ambitious Internship Program has been introduced:

• One Crore Youth: Will be offered internship opportunities in 500 top companies over the next five years, with an allowance of ?5,000 per month and a one-time assistance of ?6,000.

Infrastructure and Job Creation

The budget allocates ?11.11 lakh crore towards capital expenditure, generating job opportunities across sectors such as construction, transportation, and logistics, addressing unemployment in both urban and rural areas.

Encouraging Entrepreneurship

The budget fosters entrepreneurship through:

• Financial Support and Tax Benefits for Start-ups and MSMEs: Promotes job creation and economic diversity.
• Increased Funding for MGNREGA: Ensures employment opportunities in rural areas, reducing migration to urban centers.

Stay tuned for more updates and detailed insights on these and other initiatives!

Ruchira

Editor, The Success Circle