Last Updated on 24/07/2024 by Ankita Jain
The country’s general budget (Union Budget 2024) has been presented. While presenting the first budget of Modi Government 3.0, Finance Minister Nirmala Sitharaman has made a big announcement for the employees getting jobs for the first time. Now, on starting the first job, the government will deposit Rs 15,000 in the EPFO account of such youth. This amount will be transferred in three installments. Let us know what criteria the government has fixed regarding this?
Why is the government distributing Rs 15,000?
Nirmala Sitharaman talked about the government’s roadmap for employment in her budget speech and along with this, she also announced a big gift for the youth getting jobs for the first time. The Finance Minister said that the youth starting a job for the first time in the organized sector will be given 1 month’s salary, which has been fixed at a maximum of Rs 15,000. Referring to the purpose behind giving this help to those getting employment for the first time, the Finance Minister said that such youth have to go through a learning phase before becoming fully productive and this subsidy is to help employees and employers in hiring first-time job seekers.
Benefits to young employees registered in EPFO
In his budget speech, the Finance Minister told about the 9 priorities of the Modi 3.0 government of the Center and these mainly included employment and skill development. After this, he has announced this gift for the youth. However, some terms and conditions have also been told about this. The first of these is that this financial help of Rs 15,000 from the government will be given to those youth who are employed for the first time and are registered with EPFO.
Money will reach the account in three installments
The government will deposit Rs 15,000 in the EPFO account of such young employees who are employed for the first time in the government and whose salary is less than Rs 1 lakh per month. This benefit will be applicable in all sectors. This fixed amount will be transferred to EPFO accounts in three installments. That is, each installment will be of Rs 5,000. This will be released through Direct Benefit Transfer (DBT).
You will have to return the money for this mistake!
The duration of this government scheme is 2 years and it is expected that it will benefit 1 crore youth every year. After the first installment is credited, to get the second installment of Rs 5,000, he will first have to complete a mandatory online financial literacy course. If we look at the terms and conditions, if this young employee who gets a job for the first time leaves the job before 12 months i.e. one year, or if the job is only for one year, then the subsidy amount will have to be returned to the employer.