Are you also going to do your first job after completing your studies? If yes, then this news is no less than good news for you. In fact, Finance Minister Nirmala Sitharaman has presented the budget for the financial year 2024-25. With this budget, those who are working for the first time are very happy. Finance Minister Nirmala Sitharaman proposed many schemes in the budget announcements, with special focus on employment.
The Finance Minister has announced all sorts of schemes from making the youth employable to providing them with job opportunities. At the same time, a big announcement has also been made for the youth who are going to work for the first time. Let us know what good news the Finance Minister has given in the budget to those who are going to work for the first time.
The government will pay the first salary
Presenting the budget, the Finance Minister gave a piece of good news for the youth who are going to work for the first time. According to the budget announcement, along with skill development, the government has made arrangements to provide internships to the youth and one month salary to those who get jobs for the first time. Not only this, the government is also preparing to make accommodation arrangements for women who are going to work. The government is preparing to open hostels and daycare centres for working women.
Arrangements have also been made for training.
This time, the Modi government has given more importance in the budget to ensuring that the youth do not have to face unemployment. Experts also believe that the Modi government is serious about solving the employment crisis, as evident from Finance Minister Nirmala Sitharaman’s budget speech. The government has started efforts to make the youth employable. Announcing the budget, Finance Minister Nirmala Sitharaman said that in five years, 20 lakh youth will be provided with training and skill development in different sectors. For this, 1,000 industrial training institutes will be modernised and courses and frameworks will be prepared according to the skills required by the industries.
Cheap loans so that money does not become an obstacle in your studies
The Finance Minister has said that the government will provide loans of up to Rs 7.5 lakh to students, which is likely to help 25,000 students every year. At the same time, students who want to pursue higher studies in the country will be provided loans of up to Rs 10 lakh with only 3% annual interest. This loan will be provided to one lakh students every year through an e-voucher.
Internships for 1 crore youth in top companies
The government has said that it will provide internships to 1 crore youth in top 500 companies in five years. For this, the government will also provide financial assistance to the interns without putting any additional burden on it and the companies. The Finance Minister said that companies conducting internships under the scheme have to spend money from their CSR funds. It has to use 10% of its CSR funds to provide an allowance of ₹5000 per month and a one-time assistance of ₹6000 to the intern.
This is how you will get money after the internship.
The government has come up with an incentive scheme to ensure that youth do not remain jobless even after vocational training, studies and internships. Now the government will also give one month’s salary to youth who are joining jobs for the first time. In the budget speech, the Finance Minister announced three-tier initiatives to provide employment opportunities. He said that the government will also give money equivalent to one month’s salary to youth who get jobs for the first time in any kind of formal sector. Its conditions are that the monthly salary of youth who get jobs for the first time should be up to Rs 1 lakh.
You will receive money 3 times
But the government will only give a maximum of Rs 15,000 in three instalments. That is, if a youth has got his first job with a salary of Rs 10,000 per month, the government will give him Rs 10,000 in three instalments. This means that the government will also give a one-time 100% grant to youth who have a job of up to Rs 15,000 per month. This will be completed in three instalments. The government estimates that 2.10 crore youth will benefit from this.
The net salary will be higher
Young people who get jobs in the manufacturing sector for the first time and the companies that employ them will be given a waiver of the PF amount. The government has said that the money that will go to PF in the first four years, whether contributed by the company or the employee, the government will deposit the money in EPFO on behalf of both. That is, the take-home salary of a first-time job seeker will be higher because the PF money will not be deducted from his salary but will be given by the government from its own funds. On the other hand, the company will also be encouraged to hire freshers because they will not have to pay money to PF for the first four years. However, in the era of CTC package, now the entire PF contribution is made by the employee and companies also show their contribution in CTC.
Apart from this, the government will reimburse Rs 3,000 per month towards EPFO contribution to companies other than the manufacturing sector for 2 years. The government believes that this is expected to create 50 lakh jobs.
Special attention to working women
Apart from the youth, the government has also paid special attention to working women. To increase the participation of women in jobs, the government is laying emphasis on increasing many facilities like security for women going to work, their accommodation and keeping their children in daycare centres when they become mothers. In this regard, Finance Minister Nirmala Sitharaman announced in the budget that hostels and daycare centres for women will be built with the help of companies. With this, women will not hesitate to come out of their homes and take up work.
