Central Government Unveils Ambitious Job Creation Initiative

In a landmark move aiming to boost employment across India, the central government has announced the Employment Linked Incentive (ELI) scheme. With an impressive outlay of Rs 1.07 lakh crore, the scheme is poised to create 3.5 crore jobs over the next two years through initiatives by the retirement fund body, EPFO.

At a recent cabinet meeting chaired by Prime Minister Narendra Modi, the initiative was greenlit with the intent to enhance employability and fortify social security systems. The exclusive scheme particularly targets the manufacturing sector, providing financial incentives to both new employees and employers.

The innovative scheme rolls out over two parts. Part A focuses on first-time employees, with Part B directing incentives towards employers for job creation, further extending benefits to the manufacturing sector. The initiative will deploy payments to be transferred via Direct Benefit Transfer, ensuring transparency and efficiency.

(With inputs from agencies.)