Union Budget: Boost to Youth Empowerment and Women in Workforce

In her seventh Budget presentation, Union Finance Minister Nirmala Sitharaman laid out the government's vision for empowering youth and boosting women's participation in the workforce.

Key Highlights for Youth Empowerment:

1. First-Time Employee Wage Grant: First-time employees will receive a one-month wage as a Provident Fund contribution.
2. Internship Opportunities: Provisions for internships in 500 established companies will be made to encourage youth participation.
3. Internship Allowance and Assistance: An internship allowance of ₹5,000 and a one-time assistance of ₹6,000 will be provided under the internship scheme, benefiting 210 lakh youths.

Sitharaman stated, "The scheme is meant for all persons entering the workforce in all sectors." This initiative addresses the growing concern among the youth about job opportunities.

Also Read: Union Budget 2024-25 Highlights!

Boosting Women's Workforce Participation:

• Working Women Hostels: To support women in the workforce, the finance minister announced the establishment of working women hostels across the country.

Budget Importance to Youth:

• A new centrally sponsored scheme to skill 20 lakh youth over 5 years.
• Upgrading around 1,000 ITIs with a hub-and-spoke arrangement.
• Course content will be tailored to the needs of the industry, focusing on emerging sectors.
• One month's wage to be provided to all individuals newly entering the workplace in all formal sectors.
• Direct Benefit Transfer of one month's salary, up to ₹15,000, to be given in 3 installments to first-time employees registered in the EPFO.
• Eligibility limit for the benefit is a salary of ₹1 lakh per month.
• The scheme is expected to benefit 2.1 lakh youth.
• Loans up to ₹7.5 lakh with a guarantee from a government promoted Fund.  
• Financial support for loans upto ₹10 lakh for higher education in domestic institutions. 
• Direct E-vouchers to 1 lakh students every year. - Annual interest subvention of 3%

Women Empowerment:

• Increasing women's participation in the workforce will be a priority.
• Establishing hostels and forming partnerships to organize women-specific skilling programs.
• Allocation of more than ₹3 lakh crore for schemes benefitting women and girls. 
• Facilitate higher participation of women in the workforce through setting up of working women hostels in collaboration with industry and establishing creches. 

Published date : 23 Jul 2024 03:51PM