Union Cabinet approves employment scheme to boost job generation
Union Minister Ashwini Vaishnaw said in a media briefing here after the Cabinet meeting: 'Under the Scheme, while the first-time employees will get one month's wage (up to Rs 15,000), the employers will be given incentives for a period to two years for generating additional employment, with extended benefits for another two years for the manufacturing sector.'
The ELI Scheme was announced in the Union Budget 2024-25 to generate formal employment by offering financial support to both employers and first-time employees. To avail the benefits, employees must enrol in EPFO and meet Aadhaar-bank seeding requirements.
With an outlay of Rs 99,446 crore, the ELI Scheme aims to incentivize the creation of more than 3.5 crore jobs in the country, over a period of 2 years. Out of these, 1.92 Crore beneficiaries will be first timers, entering the workforce. The benefits of the scheme would be applicable to jobs created between August 1, 2025 and July, 31, 2027, later said a statement released here by the Union Cabinet.
The scheme, it said, will also promote formalisation of the country's workforce by extending social security coverage for crores of young men and women.
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