Finance Minister Nirmala Sitharaman announced in the Budget today that the government plans to provide new entrants to the workforce with an amount equivalent to one month’s salary. This sum will be contributed to their Provident Fund accounts.
“The scheme is meant for all persons entering the workforce in all sectors. It will benefit 210 lakh youths,” Ms Sitharaman stated while presenting the Budget.
The BJP’s inability to secure a majority in the general elections was widely attributed to dissatisfaction with job opportunities, leading Prime Minister Narendra Modi’s party to return to power with coalition support instead of on its own.
The Finance Minister proposed three employment-linked schemes during her presentation of the Union Budget for 2024-25.
She announced plans to establish working women’s hostels across the country, aimed at fostering greater female participation in the workforce.