Scheme B To Benefit Employee, Employers With EPFO Contribution

Finance Minister Nirmala Sitharaman today announced that the government will give one-month's salary to all the new employees entering the workforce. The amount will be provided to the employees as Provident Fund contribution.
While presenting the Union Budget for 2024-25, the Finance Minister announced three employment-linked schemes.
The first scheme, Ms Sitharaman said will provide one month's wage to those entering the workforce in all sectors. Scheme B will incentivise additional employment into the manufacturing sector linked to the employment of first-time employees.

"An incentive will be provided at specified scale directly to the employee and employer with respect to the EPFO contribution in the first four years of employment. This scheme is expected to benefit 30 lakh youth... and their employers," the minister said.