SCHEMES:
ECONOMY
NEWS: Five new schemes to aid job
creation
WHAT’S
IN THE NEWS?
Centre will implement three schemes for ‘employment-linked incentive’ as
part of the Prime Minister’s package, says Finance Minister;the upgrade of a
thousand Industrial Training Institutes and a scheme for internship
opportunities to give focus to skill development
1.
Budget Initiatives for Employment:
- Proposed five schemes with a ₹2 lakh crore outlay
to generate jobs.
- Focus on employment-linked incentives including
EPFO enrolment.
- Scheme to provide one-month wage to newly
employed workers in formal sectors
2.
Specific Schemes Proposed:
- First scheme: Direct benefit transfer of one-month salary to
first-time EPFO registered employees.
- Second
scheme:
Incentives for additional employment in the manufacturing sector.
- Third scheme: Reimbursement of EPFO contributions for
additional employees across sectors.
- Fourth
scheme: Skill
development for 20 lakh youth over five years.
- Fifth scheme: Internship opportunities for one crore youth in
top companies.
3.
Feedback and Criticism:
- Concerns raised about the focus on skilling
rather than direct job creation.
- Calls for consistency and longer implementation
periods for schemes to succeed.
- Trade union critique regarding the perceived bias
towards corporate ease of doing business.
Source: https://epaper.thehindu.com/ccidist-ws/th/th_delhi/issues/92169/OPS/GOID3K0LS.1+GFKD3MV95.1.html