The Union Budget 2024: A new ray of hope for job seekers and employers
The Union Budget 2024, announced by Finance Minister Smt. Nirmala Sitharaman,brings significant optimism for employment and skilling. At Zecruiters Pvt Ltd, we recognize the monumental impact of this budget, especially its focus on job creation. Let's explore the key employment-linked incentives:
Scheme A:One Month's Wage for Freshers This scheme offers direct salary support to enterprises for their first-time employees. Through Direct Benefit Transfer (DBT), companies receive an amount equivalent to one month's salary (up to Rs 15,000) in three instalments. This initiative is set to benefit up to 10 lakh youth, providing financial stability for fresh job seekers and encouraging companies to hire new talent.
Scheme B: Job Creation in Manufacturing To boost the manufacturing sector, this scheme incentivizes additional job creation by offering EPFO contributions over the first four years of employment. This will benefit 30 lakh first-time employees and their employers, aligning with Zecruiters' mission to connect skilled job seekers with manufacturing jobs.
Scheme C: Support to Employers This scheme supports employers by offering up to Rs 3,000 per month for each new hire's EPFO contributions over two years. It aims to recruit an additional 5 million individuals, reducing financial burdens on employers and fostering workforce expansion.
A Win-Win Scenario for Job Seekers and Employers The Union Budget 2024's focus on job creation and skilling marks a significant step towards a more prosperous and equitable job market. For job seekers, these schemes offer unprecedented opportunities for stable employment and skill enhancement. For employers, the financial incentives reduce hiring risks and operational costs, promoting business growth and innovation.
At Zecruiters Pvt Ltd, we are committed to leveraging these initiatives to connect talented individuals with forward-thinking employers. The Union Budget 2024 is a testament to the government's commitment to empowering India's workforce, and we are excited to play our part in this transformative journey