In a major boost to employment, Finance Minister Nirmala Sitharaman on Tuesday announced a new scheme aimed at providing financial support to individuals entering the workforce for the first time in the formal sector. The scheme promises to deliver one month’s wage to new employees through Direct Benefit Transfer (DBT) in three instalments.
Nirmala Sitharaman made the announcement while presenting the first budget of Modi 3.0.
Under the new initiative, first-time employees registered with the Employees' Provident Fund Organisation (EPFO) will receive up to Rs 15,000 as part of this benefit. The scheme is designed to support young professionals and will be available to those earning up to Rs 1 lakh per month.
"This scheme will benefit 210 lakh youth," Sitharaman said.
Apart from this, the Finance Minister also announced internship schemes for young people in top companies.
"The government will launch a scheme to provide internship opportunities to 1 crore youth in 500 top companies with Rs 5,000 per month as internship allowance and one-time assistance of Rs 6,000," Nirmala Sitharaman said.
