If you are going to start your first job, then the Government of India has brought a great opportunity for you. The government has launched a new scheme to encourage youth to take up employment. Under this scheme, youth getting jobs for the first time will be given direct financial assistance of up to ₹ 15,000. This cash bonus will not only boost your confidence but will also make the start of your career easier. Let’s know about this special scheme in detail and find out how you can take advantage of it.
What is this new government scheme
The government has approved an amount of ₹ 1.07 lakh crore for this scheme. If you start your first job and are registered with EPFO, then the government will give you direct cash assistance of up to ₹ 15,000. This amount will be given to you in two installments. The first installment will be given six months after starting the job, and the second installment will be given after completion of one year. This scheme will benefit not only the employees but also the companies making new recruitments. The government will assist up to ₹ 3,000 every month for two years for every new employee. This will also encourage companies to give jobs to new people.
Who can take advantage of this scheme?
There are some important conditions to take advantage of this scheme, which have to be fulfilled. This benefit will be available only to those youth who have started a job for the first time. You must be registered with EPFO. Your monthly salary should be ₹ 21,000 or less. This scheme will apply to those jobs that have started between 1 April 2024 and 31 March 2029.
Goal and estimate of the scheme
The main objective of this scheme is to provide employment to the youth of the country and make them financially strong. The government aims that no educated youth should remain unemployed. According to the government’s estimate, by 2027, about 1.5 crore youth will get the benefit of this scheme.
How to get a cash bonus
You just have to register with EPFO through your company. Once this process is completed, you will start getting cash incentives directly from the government. This scheme is a golden opportunity for all those youth who are just looking for a job or who have recently started their career.
