In a significant push towards job creation and workforce inclusivity, Finance Minister Nirmala Sitharaman announced the launch of three employment-linked schemes while presenting the Union Budget for 2024-2025. These initiatives aim to provide substantial support to the youth entering the job market and promote women’s participation in the workforce.
New Employment-Linked Schemes
Incentives for Youth Employment:
The government plans to provide incentives to 30 lakh youth entering the job market by contributing one month’s provident fund (PF). This initiative is designed to ease the financial burden on new entrants and encourage employment among young people.
Support for Working Women:
To enhance women’s participation in the workforce, the budget allocates funds for the establishment of working women hostels across the country. These hostels will provide safe and affordable accommodation for working women, enabling them to pursue employment opportunities without housing concerns.
Climate-Resilient Agriculture:
The government will fund private sector entities, domain experts, and other stakeholders to develop climate-resilient seeds. This initiative aims to bolster agricultural productivity and ensure sustainability in the face of climate change.
Existing Employment Scheme
MGNREGA:
The budget reaffirmed its commitment to the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), which guarantees 100 days of wage employment in a fiscal year to at least one member of every rural household seeking manual work. This scheme continues to be a cornerstone of rural employment and poverty alleviation.