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Informist, Tuesday, Nov. 12, 2024

NEW DELHI – Labour Secretary Sumita Dawra held a meeting on Tuesday to review the rollout of the employment linked incentive schemes. "The meeting was attended by senior officers of the ministry and head of organisations under the ministry," the government said in a release.

Finance Minister Nirmala Sitharaman had announced three employment-linked incentive schemes as part of the prime minister's package in the Budget for 2024-25 (Apr-Mar) tabled in Parliament in July.

Under the first scheme, the government will provide a month's wages up to 15,000 rupees in three instalments to first-time employees in all formal sectors. The second scheme, with a cost of INR 520 billion, will focus on job creation in the manufacturing sector. An incentive will be provided at a specified scale directly to the employee and the employer with respect to their Employees' Provident Fund Organisation contribution in the first four years of employment, Sitharaman had said.

The third scheme aims to provide support to employers in all sectors. The government will reimburse employers up to 3,000 rupees a month for two years towards their EPFO contribution for each additional employee. The scheme is expected to incentivise additional employment of 5 mln people. It will cost the government INR 320 billion.

At Tuesday's meeting, the officials also reviewed the budgetary allocation for the labour ministry. They discussed third party evaluation of schemes and portals of the ministry, employment generation, and issues related to social security.

The labour ministry decided to hold a national consultative workshop on "Future of Work and Automation" in December, as per the release. "This high-impact event will bring together prominent industry leaders, academic scholars, and representatives from labour organisations to discuss the transformative impact of technology on the Indian labour market."

Other than this, the ministry will also hold a seminar on Jan. 20-21 in New Delhi on "Formalization and social security coverage for workers in the informal Sector: challenges and innovations". "Around 50 organisations of Asia and Pacific along with domestic participants, Industry bodies, employer association, trade unions, representatives of states, aggregators etc. are expected to participate in the seminar," the release said.  End

Reported by Krity Ambey

Edited by Akul Nishant Akhoury

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