North India Statesman
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Prime Minister Narendra Modi announced the ‘PM Developed India Employment Scheme’ from the Red Fort on the celebration of independence. The objective of this scheme is to create 3.5 crore new jobs across the country in the next two years. For the first time, you will get a direct incentive of ₹ 15,000 if you get a job in the private sector for the first time. Let’s learn complete details and eligibility…
Major things of the plan
Investment of ₹ 1 lakh crore
3.5 crore new jobs (in 2 years)
₹ 15,000 incentives on getting private job for the first time
This amount will be found in two installments: 6 months and 12 months after a continuous job.
Payment directly into the bank through EPFO (Employees’ Provident Fund Organization).
Who is eligible?
Youths who get private formal jobs for the first time (That is, who did not do the registered job in the first EPFO)
Monthly salary is up to ₹ 1,00,000
Stay working for six and twelve months in a row in the job
Number of beneficiaries: closer 1.92 crore youth Will be eligible.
What is the whole process?
The candidate should get a job in EPFO-registered private company for the first time.
After working for 6 consecutive months, the first installment will be available.
Second installment on completing 12 months.
A part of the amount will be deposited in saving/FD – promoting financial discipline and saving habit.
To take advantage of this, the company concerned gives information to EPFO. EPFO pays from Aadhaar/Bank details.
What is offer for companies?
Government will give ₹ 3,000/month on every new employee (Up to 2 years)
The exemption in the manufacturing sector will increase till the 3rd-4th year
Companies need to keep employees for at least 6 months
What will be the benefit of the plan?
Large -scale new jobs
Youth boost formal sector, social safety facility under EPFO
Savings and financial literacy will increase
Very fast growth in manufacturing and service sector
