{"id":11835,"date":"2024-07-26T14:00:12","date_gmt":"2024-07-26T08:30:12","guid":{"rendered":"https:\/\/razorpay.com\/learn\/?p=11835"},"modified":"2025-02-26T12:10:39","modified_gmt":"2025-02-26T06:40:39","slug":"budget-2024-education-employment-skilling-highlights","status":"publish","type":"post","link":"https:\/\/razorpay.com\/learn\/budget-2024-education-employment-skilling-highlights\/","title":{"rendered":"Employment and Skilling Budget 2024 Highlights: FM Allocates \u20b91.48 Lakh Crore"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69da7d2c6dc6c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69da7d2c6dc6c\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-education-employment-skilling-highlights\/#Employment-and-Skilling-Budget-2024-Highlights-FM-Allocates-%E2%82%B9148-Lakh-Crore\" >Employment and Skilling Budget 2024 Highlights: FM Allocates \u20b91.48 Lakh Crore<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-education-employment-skilling-highlights\/#Top-Highlights-for-Education-Employment-and-Skilling-in-Union-Budget-2024\" >Top Highlights for Education, Employment, and Skilling in Union Budget 2024<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-education-employment-skilling-highlights\/#1-Financial-Support-for-Higher-Education-in-Domestic-Institutions\" >1. Financial Support for Higher Education in Domestic Institutions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-education-employment-skilling-highlights\/#2-Interest-subvention-of-3-of-Loan-Amount\" >2. Interest subvention of 3% of Loan Amount<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-education-employment-skilling-highlights\/#4-Model-Skill-Loan-Scheme\" >4. Model Skill Loan Scheme<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-education-employment-skilling-highlights\/#5-Three-Employment-Linked-Incentives\" >5. Three Employment Linked Incentives<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-education-employment-skilling-highlights\/#6-New-Centrally-Sponsored-Scheme\" >6. New Centrally Sponsored Scheme<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-education-employment-skilling-highlights\/#7-Internship-Opportunities-for-1-Crore-Youth\" >7. Internship Opportunities for 1 Crore Youth<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-education-employment-skilling-highlights\/#8-Generating-Employment-Opportunities\" >8. Generating Employment Opportunities<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-education-employment-skilling-highlights\/#9-Working-Women-Hostel\" >9. Working Women Hostel<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-education-employment-skilling-highlights\/#10-One-Month-PF-Contribution\" >10. One Month PF Contribution<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-education-employment-skilling-highlights\/#Conclusion\" >Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-education-employment-skilling-highlights\/#FAQs\" >FAQs<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Employment-and-Skilling-Budget-2024-Highlights-FM-Allocates-%E2%82%B9148-Lakh-Crore\"><\/span>Employment and Skilling Budget 2024 Highlights: FM Allocates \u20b91.48 Lakh Crore<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The government will provide financial support for loans up to \u20b910 lakh for higher education in domestic institutions<\/p>\n<p><span style=\"font-weight: 400;\">In her speech, she highlighted that the government will focus on &#8220;employment, skilling, medium and small enterprises (MSME), and the middle class&#8221; over the next five years.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Top-Highlights-for-Education-Employment-and-Skilling-in-Union-Budget-2024\"><\/span><b>Top Highlights for<\/b><b> Education, Employment, and Skilling in Union Budget 2024<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Prime Minister&#8217;s package includes 3 &#8220;<strong>Employment Linked Incentive&#8221;<\/strong> schemes to be implemented<\/p>\n<ul>\n<li>Scheme A targets first-time job seekers.<\/li>\n<li>Scheme B encourages job creation in manufacturing.<\/li>\n<li>Scheme C provides support to employers.<\/li>\n<\/ul>\n<p>2. One Crore internship opportunities at Top 500 companies over the next 5 years.<\/p>\n<p>3. New centrally sponsored skilling scheme launched under the Prime Minister&#8217;s Package to benefit 20 lakh youth over a 5-year period.<\/p>\n<p>4. Model Skill Loan Scheme to be revised, enabling loans up to \u20b97.5 lakh.<\/p>\n<p>5. Financial support for loans up to \u20b910 lakh for pursuing higher education in domestic institutions.<\/p>\n<p><em><strong>Read More About: <a href=\"https:\/\/razorpay.com\/learn\/budget-2024-highlights\/\">Union Budget 2024 Top 10 Highlights &amp; Live Updates<\/a><\/strong><\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"1-Financial-Support-for-Higher-Education-in-Domestic-Institutions\"><\/span><b>1. Financial Support for Higher Education in Domestic Institutions<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The government will provide financial assistance in the form of loans up to <\/span><b>\u20b910 Lakh <\/b><span style=\"font-weight: 400;\">for higher education and domestic industries.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"2-Interest-subvention-of-3-of-Loan-Amount\"><\/span><b>2. Interest subvention of 3% of Loan Amount<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The government will grant financial assistance through e-vouchers, which will be directly given to <\/span><b>1 Lakh students<\/b><span style=\"font-weight: 400;\"> annually, along with an interest subsidy of <\/span><b>3% <\/b><span style=\"font-weight: 400;\">on the loan amount.<\/span><\/p>\n<h3><b>3. 1,000 Industrial Training Institutes (ITIs) in Hub-and-Spoke Model<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The Finance Minister also outlined several initiatives for the skill development sector. These include the upgrading <\/span><b>1,000<\/b><span style=\"font-weight: 400;\"> Industrial Training Institutes (ITIs) in hub-and-spoke model, aligning course content with skill requirements of industry and revising model skill loan scheme.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"4-Model-Skill-Loan-Scheme\"><\/span><b>4. Model Skill Loan Scheme<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Our Union Finance Minister also stated that the model skill loan scheme will be revised to facilitate loans up to <\/span><b>Rs. 7.5 Lakh<\/b><span style=\"font-weight: 400;\"> with a guarantee the government promoted-fund.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The model skill loan scheme is likely to benefit <\/span><b>25,000 students<\/b><span style=\"font-weight: 400;\"> per year.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"5-Three-Employment-Linked-Incentives\"><\/span><b>5. Three Employment Linked Incentives<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Ms. Sitharaman has also announced that the government will implement three schemes for \u2018Employment Linked Incentive\u2019 as a part of the Prime Minister&#8217;s package. These schemes will be based on enrollment in the IPFO and will focus on recognizing first-time employees and providing support to both employees and employers.<\/span><\/p>\n<h3><b>Scheme A: \u2018First Timers\u2019<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">This scheme provides one month&#8217;s wage to all individuals entering the workforce in formal sectors.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The direct benefit transfer of up to <\/span><b>\u20b915,000<\/b><span style=\"font-weight: 400;\">, disbursed in three installments, will be given to first-time employees registered with EPFO.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The eligibility limit is a salary of <\/span><b>\u20b91 Lakh<\/b><span style=\"font-weight: 400;\"> per month.<\/span><\/li>\n<\/ul>\n<h3><b>Scheme B: \u2018Job Creation in Manufacturing\u2019<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">This scheme incentivizes additional employment in the manufacturing sector, particularly for first-time employees.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">An incentive, tied to EPFO contributions, will be provided directly to both the employee and employer during the first four years of employment.<\/span><\/li>\n<\/ul>\n<h3><b>Scheme C: \u2018Support to Employers\u2019<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">This scheme will cover additional employment in all sectors. All additional employment within a salary of <\/span><b>Rs. 1 Lakh<\/b><span style=\"font-weight: 400;\"> per month will be counted.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The government will reimburse employers up to <\/span><b>Rs. 3,000<\/b><span style=\"font-weight: 400;\"> per month for two years towards their EPFO contribution for each additional employee.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"6-New-Centrally-Sponsored-Scheme\"><\/span><b>6. New Centrally Sponsored Scheme<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Nirmala Sitharaman also announced that a new centrally sponsored scheme will be introduced under the Prime Minister\u2019s package for skilling and collaboration with state governments and industry.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">She further added that <\/span><b>20 Lakh students<\/b><span style=\"font-weight: 400;\"> will be skilled over five years.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"7-Internship-Opportunities-for-1-Crore-Youth\"><\/span><b>7. Internship Opportunities for 1 Crore Youth<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In a major effort to boost employment, the Finance Minister announced a comprehensive scheme to provide internship opportunities in top companies. This will be the fifth scheme under the Prime Minister\u2019s package, according to the budget highlights.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Union Finance Minister Nirmala Sitharaman stated that the scheme will offer internships in <\/span><b>500 top companies<\/b><span style=\"font-weight: 400;\"> to <\/span><b>1 crore<\/b><span style=\"font-weight: 400;\"> youth over five years. These internships will provide 12 months of exposure to real-life business environments, various professions, and employment opportunities.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Under the scheme, an internship allowance of <\/span><b>\u20b95,000 per month<\/b><span style=\"font-weight: 400;\">, along with a one-time assistance of <\/span><b>\u20b96,000<\/b><span style=\"font-weight: 400;\">, will be provided to the youth. Companies are expected to cover the training costs and <\/span><b>10%<\/b><span style=\"font-weight: 400;\"> of the internship expenses from their CSR funds.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"8-Generating-Employment-Opportunities\"><\/span><b>8. Generating Employment Opportunities<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The Finance Minister, In her Budget speech, announced a plan to create employment opportunities for about <\/span><b>4.1 crore<\/b><span style=\"font-weight: 400;\"> youth over the next five years. To support this initiative, the government has allocated <\/span><b>\u20b92 lakh crore<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"9-Working-Women-Hostel\"><\/span><b>9. Working Women Hostel<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">She announced that working women hostels will be set up. Higher participation of women in the workforce will be promoted through hostels creches.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">She also mentioned that our government will bring a National Cooperation Policy for the overall development.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"10-One-Month-PF-Contribution\"><\/span><b>10. One Month PF Contribution<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Union government will incentivize <\/span><b>30 lakh youth <\/b><span style=\"font-weight: 400;\">entering the job market by contributing one month&#8217;s PF, the Finance Minister announced.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">To sum it up, the Union Budget 2024 focuses on substantial investments in education, employment, and skilling, with a total allocation of \u20b91.48 lakh crore. These measures aim to drive growth, improve job opportunities, and support the development of a skilled workforce over the next five years.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><strong>1. What is the total allocation for employment and skilling in Budget 2024?<\/strong><\/h3>\n<p>Finance Minister Nirmala Sitharaman has allocated \u20b91.48 lakh crore for employment and skilling initiatives in Budget 2024.<\/p>\n<h3><strong>2. What are the key focus areas of the government in the employment and skilling sector as per Budget 2024?<\/strong><\/h3>\n<p>The budget prioritizes employment and skilling as a key focus area for the next five years. It aims to create 4.1 crore jobs through various initiatives and skill development programs.<\/p>\n<h3 data-sourcepos=\"14:1-15:77\"><strong>3. What are the key measures to create employment opportunities announced in the budget?<\/strong><\/h3>\n<p data-sourcepos=\"14:1-15:77\">The budget focuses on modernizing Industrial Training Institutes (ITIs) to align with industry needs, creating employment-linked incentives, and promoting <a href=\"https:\/\/razorpay.com\/learn\/what-is-entrepreneurship\/\">entrepreneurship<\/a> to generate job opportunities.<\/p>\n<h3 data-sourcepos=\"14:1-15:77\"><strong>4. How will the budget impact employers?<\/strong><\/h3>\n<p data-sourcepos=\"14:1-15:77\">Employers will benefit from incentives for hiring first-time employees and support for EPFO contributions, encouraging job creation.<\/p>\n<div class=\"container\"><\/div>\n<p data-sourcepos=\"17:1-18:146\">\n","protected":false},"excerpt":{"rendered":"<p>Employment and Skilling Budget 2024 Highlights: FM Allocates \u20b91.48 Lakh Crore The government will provide financial support for loans up to \u20b910 lakh for higher education in domestic institutions In her speech, she highlighted that the government will focus on &#8220;employment, skilling, medium and small enterprises (MSME), and the middle class&#8221; over the next five<\/p>\n","protected":false},"author":151156615,"featured_media":11844,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3861],"tags":[],"class_list":{"0":"post-11835","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-latest-news"},"_links":{"self":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/11835","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/users\/151156615"}],"replies":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/comments?post=11835"}],"version-history":[{"count":7,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/11835\/revisions"}],"predecessor-version":[{"id":16221,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/11835\/revisions\/16221"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/media\/11844"}],"wp:attachment":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/media?parent=11835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/categories?post=11835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/tags?post=11835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}