Union Budget 2024: Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget for FY 2024-25 and announced that the government will launch three employment-linked schemes, which will be based on enrolment in Employees' Provident Fund Organization (EPFO). Presenting the Budget 2024, Nirmala Sitharaman announced that the Central government will provide one month's wage to all first-time employees entering the workforce in all formal sectors.

"One month wage to all persons newly entering the workplace in all formal sectors. Direct Benefit Transfer of one month salary in 3 instalments to first-time employees as registered in the EPFO will be up to Rs 15,000. The eligibility limit will be a salary of Rs 1 lakh per month. The scheme will benefit 210 lakh youth," Finance Minister Nirmala Sitharaman said.

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The scheme B, she said, will incentivise additional employment into the manufacturing sector linked to the employment of first-time employees. "An incentive will be provided at a specified scale directly to the employee and employer to the EPFO contribution in the first four years of employment. This scheme is expected to benefit 30 lakh youth... and their employers," the minister said.

Sitharaman said that Scheme C will cover additional employment in all sectors. "All additional employment within a salary of Rs 1 lakh per month will be counted," she said, adding that the government will reimburse to employers up to Rs 3,000 per month for two years towards the EFPO contribution to each additional employee.

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The minister also announced that working women hostels will be set up in the country to promote women's participation in the workforce. She added that the government will provide funds to the private sector, domain experts and others for developing climate-resilient seeds.