New Delhi, August 6: The Union Minister of Labour & Employment, Dr Mansukh Mandaviya, on Tuesday directed senior officials to expeditiously implement the Employment-Linked Incentive (ELI) Scheme announced in Union Budget 2024-25 to bolster employment generation “in a mission mode.”

The minister asked the officers to carry out an extensive outreach and awareness campaign to educate people, especially the intended beneficiaries, about the benefits of the ELI Scheme. Dr. Mandaviya emphasised the importance of a robust mechanism to ensure that the benefits of the ELI Scheme reach true beneficiaries. Robotics Jobs Surge: Employment in STEM Robotics Industry Expected To Grow 10.8% by 2032, Qualified Professionals in High Demand, Says Report.

"It is imperative that our efforts are directed towards creating a sustainable and inclusive employment ecosystem. The ELI Scheme is designed to facilitate job creation, and provide incentives to employers and employees," the Union Minister stated. The ELI Scheme aims to create over two crore jobs in the country in two years. This will significantly contribute to increasing employment opportunities and enhancing livelihood.

The Ministry of Labour and Employment is in the process of finalising the details of these schemes along with their implementation plan, according to an official statement. Union Minister of State for Labour & Employment Shobha Karandlaje and senior officials of the Ministry and EPFO were also present in the meeting.

Three schemes for ‘Employment Linked Incentive’ were announced in the Union Budget 2024-25 as part of the Prime Minister’s package of five schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over a five-year period with a central outlay of Rs. 2 lakh crore.

The three ELI schemes include a scheme for first-timers, a scheme for creating jobs in the manufacturing sector while the third entails support to employers. This scheme for first-timers is expected to benefit 2.1 crore youth over two years. It will provide a one-month wage to all people newly entering the workforce in all formal sectors. The eligibility limit will be a salary of Rs. 1 lakh per month.

Direct Benefit Transfer of one months’ salary will be up to Rs 15,000 in three instalments to first-time employees, as registered in the EPFO. The second scheme aims at a substantial hiring of first-time employees in manufacturing. This scheme will incentivise additional employment in the sector and thereby is expected to benefit 30 lakh youth entering employment, and their employers.

An incentive will be provided at a specified scale directly to both the employee and the employer for their EPFO contribution in the first four years of employment. The third is an employer-focussed scheme to cover all additional employment within a salary of Rs. 1 lakh per month in all sectors. Hiring on Rise! India’s Service Sector Continued To Grow at Robust Pace in July Due to Strong Demand Leading to Higher Job Creation, Says HSBC Survey.

New employees under this scheme need not be new entrants to EPFO. The government will reimburse to employers up to Rs. 3,000 per month for two years towards their EPFO contribution for each additional employee. The scheme is expected to incentivise additional employment of 50 lakh people.

(The above story first appeared on LatestLY on Aug 06, 2024 05:35 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).