Three new schemes launched for youth employment, job creation in Budget 2024

BENGALURU: The government will launch a comprehensive scheme that will provide internship opportunities to one crore youth in 500 top companies in five years. FM Nirmala Sitharaman said in her budget speech that youth will gain exposure for one year to real-life business environments, varied professions and employment opportunities. Apart from this, an internship allowance of Rs 5,000 per month along with a one-time assistance of Rs 6,000 will be provided.

Sitharaman also mentioned that the First Timers scheme will provide one-month wage to all persons who are entering the workforce in all formal sectors. “The direct benefit transfer of one-month salary in three 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 is expected to benefit 210 lakh youth,” she said.

Ramesh Alluri Reddy, CEO at TeamLease Degree Apprenticeship, said the budget’s emphasis on skill development is a game-changer for the country’s employment landscape, especially with the central theme being centered around employment, skilling, and MSMEs.