Prime Minister Narendra Modi launched an employment scheme worth Rs 1 lakh crore on India’s 79th Independence Day, under which newly employed youths will receive Rs 15,000 per month. The scheme aims to benefit three crore youths.
Under this new scheme, the government will not only give Rs 15,000 to the youth joining the job for the first time, but will also help private companies. Employees with salaries up to Rs 1 lakh will be eligible.
PM Modi made the big announcement from the Red Fort on Independence Day. “Today is August 15, and we are launching a Rs 1 lakh crore scheme for the youth of this country. It is good news for you that PM Viksit Bharat Rozgar Yojana is being rolled out from Today,” he said.
‘Pradhan Mantri Viksit Bharat Rozgar Yojana’ will be implemented from August 15
Youths who get their first job will get Rs 15,000 under the ‘Pradhan Mantri Viksit Bharat Rozgar Yojana’ which is being implemented from today, August 15. It is aimed to encourage educated youths to seek employment and to create more jobs in the private sector.
The Prime Minister said today, “From today onwards, the ‘Pradhan Mantri Viksit Bharat Rozgar Yojana’ is being implemented. The government will give Rs 15,000 to those who get jobs for the first time in a private organization.”
Notably, after the formation of the third term of the Modi government in 2024, the ‘Pradhan Mantri Vikashit Bharat Yojana’ was included in the financial budget of Finance Minister Nirmala Sitharaman.
A budget of Rs 99,4476 crore has also been kept for this new project. But nothing was clearly stated at that time about when this benefit will be available. However, according to the Independence Day announcement of Prime Minister Narendra Modi today, the new scheme is coming into effect from today, Friday.
New scheme will be implemented through Employees’ Provident Fund Organization
According to the prime minister’s announcement, the government will provide a subsidy of up to Rs 3,000 per employee to all the companies that hire new employees. This new scheme will be run through the Employees’ Provident Fund Organization (EPFO).
The Ministry of Labour & Employment last month said the employment-linked incentive (ELI) scheme was approved by the Union Cabinet chaired by PM Modi. In a statement on July 25, it said the PM Viksit Bharat Rozgar Yojana (PMVBRY) aims to incentivise the creation of more than 3.5 crore jobs over two years. Of these, 1.92 crore beneficiaries will be first timers, entering the workforce.
How the money will be credited?
Targeting first-time employees registered with the Employees’ Provident Fund Organisation (EPFO).
Part A will offer one-month EPF wage up to Rs 15,000 in two instalments. Employees with salaries up to Rs 1 lakh will be eligible.
The first instalment will be payable after six months of service.
The second instalment will be payable after 12 months of service and completion of a financial literacy programme by the employee.
“To encourage the habit of saving, a portion of the incentive will be kept in a savings instrument or deposit account for a fixed period and can be withdrawn by the employee at a later date,” the Ministry said.
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