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Government Approves Incentives for Firms Hiring New Employees
Prime Minister Narendra Modi launched the ₹1 lakh-crore Pradhan Mantri Viksit Bharat Rojgar Yojana. This plan supports first-time job applicants in the private sector. Speaking from the Red Fort on Independence Day, he said the initiative will provide a direct incentive of ₹15,000 to each new entrant into formal employment, targeting nearly 35 million beneficiaries.
On July 1, the Union Cabinet cleared the employment-linked incentive scheme suggested in the Budget for 2024-25. The concept offers new employees up to one month’s pay (limited to ₹15,000) and financial benefits to hiring enterprises. Over the next two years, the initiative aims to create 35 million jobs.
Employers with fewer than 50 employees must hire at least two new employees to qualify, while those with more than 50 must hire five. Incentives will be linked to the Employees’ Provident Fund Organisation, assuring coverage for formal sector employees. Benefits range from ₹1,000 to ₹3,000 based on salary levels, with a maximum of ₹1 lakh.
The Prime Minister highlighted that the initiative would channel India’s demographic potential into economic growth while also strengthening domestic manufacturing in an era of rising global trade barriers.
