The Union Cabinet Tuesday approved the Employment Linked Incentive (ELI) scheme to support employment generation, enhance employability, and social security across all sectors with a special focus on the manufacturing sector, Union Information and Broadcasting Minister Ashwini Vaishnaw said.
Photo: IANS
The Union Cabinet Tuesday approved the Employment Linked Incentive (ELI) scheme to support employment generation, enhance employability, and social security across all sectors with a special focus on the manufacturing sector, Union Information and Broadcasting Minister Ashwini Vaishnaw said.
Asserting that the scheme is a significant step towards empowering the youth and promoting economic growth, he highlighted key features of the ELI scheme, saying that “first-time employees registered with EPFO will receive one month’s wage up to Rs 15,000 in two installments,” while “employers will receive incentives for generating additional employment in all sectors with a special focus on the manufacturing sector”.
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He said that the scheme aims to incentivize the creation of more than 3.5 crore jobs in the country over a period of 2 years, with an outlay of Rs 99,446 crore.
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He further said that incentives will be extended to the 3rd and 4th years for the manufacturing sector, promoting job creation and economic growth.
A cabinet release issued later said the government intends to catalyze job creation in all sectors, particularly in the manufacturing sector, besides incentivizing youth joining the workforce for the first time.
The scheme, it said, will also promote formalization of the country’s workforce by extending social security coverage for crores of young men and women.
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