PM’s 5 schemes to empower 4.10 crore youth through employment, skilling

New Delhi, July 23: Prime Minister Narendra Modi has introduced a comprehensive package of five schemes aimed at providing employment, skilling, and various opportunities to 4.10 crore youth over the next 5 years.

Scheme A: First Timers

This scheme aims to support first-time employees by offering a one-month salary of up to Rs 15,000, disbursed in three instalments.

Eligibility is determined through registration with the Employees' Provident Fund Organisation (EPFO).

Scheme B: Job Creation in Manufacturing

The objective of this scheme is to boost job creation in the manufacturing sector and encourage employers to hire new employees.

Incentives would be provided directly to both employees and employers based on their EPFO contributions.

Incentives would be scaled according to the number of years of employment, with a focus on the first four years.

This scheme aims to stimulate job growth in the manufacturing sector and support employers in expanding their workforce.

Scheme C: Support to Employers

This initiative seeks to ease the financial burden on employers by reimbursing up to Rs 3000 per month for two years towards their EPFO contributions for each additional employee hired.

This reimbursement aims to incentivise the hiring of more workers, thereby expanding the workforce.

New Centrally Sponsored Scheme for Skilling

Training 20 lakh youth: Over the next 5 years, the government plans to skill 20 lakh youth, equipping them with the necessary tools and knowledge to succeed in various industries.

Upgrading 1000 Industrial Training Institutes (ITIs): In a hub-and-spoke model, 1000 ITIs would be upgraded to enhance their training capabilities and outreach, ensuring a more skilled and competent workforce.

New Internship Scheme in Top Companies

This scheme aims to provide internships to 1 crore youth over 5 years in 500 top companies.

This initiative is designed to offer hands-on experience and practical knowledge, thereby improving employability and career prospects for young people.

These schemes collectively represent a robust strategy to enhance employment opportunities, support first-time employees, incentivise job creation in manufacturing, ease the financial load on employers, and significantly boost skilling and internship opportunities for the youth across the country.