Union Labour and Employment Minister Mansukh Mandaviya has chaired a meeting on the ambitious Employment Linked Incentive schemes unveiled in the Union Budget 2024-25 and has called for their expeditious implementation on a mission mode.
“The Ministry of Labour and Employment is in the process of finalising the details of above schemes along with their implementation plan,” said an official release on Tuesday.
At the meeting, which was attended by Minister of State for Labour and Employment Shobha Karandlaje and senior officials of the ministry and the Employees’ Provident Fund Organisation (EPFO), Mandaviya also 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.
The Union Budget 2024-25 has announced three Employment Linked Incentive schemes as part of the PM’s package on employment and skilling that aims to create opportunities for 4.21 crore youth over the next five years.
The ELI Scheme aims to create over two crore jobs in the country in a period of two years with a focus on formal sector job creation for first timers based on enrolment in the EPFO.
The minister also underlined the importance of a robust mechanism to ensure that the benefits of the ELI scheme reach the true beneficiaries. “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,” he said.
The three ELIs include a scheme that will target first-time employees in the formal sector registered with EPFO and will offer a one month wage up to Rs 15,000 in three instalments, another scheme that will incentivise additional employment in the manufacturing sector, especially for first time job seekers, through a contribution to the EPFO and a third employer-focussed scheme that will cover additional employment in all sectors.