Union Budget 2024: EPFO-registered first-time employees to get benefits up to Rs 15,000 from Government

New Delhi: In the Union Budget 2024 announced on Tuesday, EPFO-registered first-time employees will get benefits up to Rs 15,000 from the Government, said reports.

Finance Minister Nirmala Sitharaman said, “Our govt will implement three schemes for employment-linked incentives as part of the Prime Minister’s package. These will be based on enrollment in the EPFO (Employees’ Provident Fund Organisation) and focus on recognition of the first time employees and support to employees and employers.”

Scheme A:
For first timers- Direct benefit transfer of one month salary in three installments up to 15,000 to first-time employees registered under EPFO.

The Direct Benefit Transfer of one-month’s salary in three instalments to first-time employees, as registered in the EPFO, will be up to ₹ 15,000. The eligibility limit will be a salary of ₹1 lakh per month. The scheme is expected to benefit 210 lakh youth.

Scheme B:
For job creation in manufacturing- Incentive to be provided directly to both employee and employer as per their EPFO contribution, in the first four years of employment.

An incentive will be provided at specified scale directly both to the employee and the employer with respect to their EPFO contribution in the first four years of employment. The scheme is expected to benefit 30 lakh youth entering the workforce, and their employers.

Scheme C:
For support to employers- Reimbursement to employers up to Rs. 3,000 per month for 2 years towards their EPFO contribution for each additional employee. Support to employers. This employer-focussed scheme will cover additional employment in all sectors.

All additional employment within a salary of ₹1 lakh per month will be counted. The government will reimburse to employers up to ₹3,000 per month for two years towards their EPFO contribution for each additional employee.

The new employee benefit in Union Budget 2024 is sure to encourage the young mass.