Budget 2024: Key things to know about 6 job & skill training schemes for youth

6 job and skill training schemes for youth in Budget 2024: Finance Minister Nirmala Sitharaman presented the first budget of Modi 3.0 on July 23, focusing on many key factors including unemployment and youth empowerment. Six schemes related to jobs and skill training were announced in the union budget. Here’s how these schemes will benefit the youth:

1. First-Time Workers

A significant announcement was made for young people entering the workforce for the first time. Youths registered for the first time with EPFO and earning less than Rs 1 lakh will receive Rs 15,000 in three installments. These installments will be directly transferred to their bank accounts via Direct Benefit Transfer (DBT). This scheme is expected to benefit around 210 lakh youth.

2. Job Creation in Manufacturing

New employees joining the manufacturing sector will receive incentives for their first four years, based on EPFO deposits. Employers will also benefit from this scheme. Approximately 30 lakh youth and their employers will gain from this initiative.

3. Employer Support

This scheme aims to reduce the financial burden on employers. The government will reimburse Rs 3,000 per month to employers for two years for the EPFO contributions of new employees earning up to Rs 1 lakh.

4. Increasing Women's Workforce Participation

To boost women's participation in the workforce, the government will establish working women’s hostels, children's creches, and women’s skilling programs.

5. Skilling Programme

A new skill development program will train 20 lakh youth. This initiative will be a collaboration between state governments and industries, with 1,000 industrial institutes being upgraded. The program's content and design will align with industry skill requirements.

6. Skilling Loans

The Model Skill Loan Scheme will be revised, offering loans up to Rs 7.5 lakh from the Government Promoted Fund. This will benefit 25,000 students annually. Additionally:
   - The government will provide internships to 1 crore youth in 500 top companies, with a monthly stipend of Rs 5,000.
   - Students not benefiting from other government schemes will receive up to Rs 10 lakh in loans for admission to institutions nationwide. E-vouchers will be introduced for 1 lakh students yearly, with the government covering 3% of the annual loan interest.