The three Employment Linked Incentive Schemes 2024 were announced by the Indian government. Nirmala Sitharaman, the Union Finance Minister declared that three employment-linked incentive programs will be introduced for both companies and employees. The Indian government plans to enhance job prospects in the manufacturing sector of the country’s economy by means of this project. In this post you get necessary information regarding this scheme such as objective, eligibility, documents, benefits and how to apply.
Three Employment Linked Incentive Scheme
The Three Employment Linked Incentive Scheme would help all Indians start their careers in manufacturing and will facilitate their upward mobility. The Indian government is offering all new hires across all industries a pay of up to Rs.15,000 under the first segment of the scheme.
Under the second initiative, the Indian government would offer first-time employees in the industrial industry an incentive. The aim of the scheme is to raise the standard of life and offer job chances to India’s jobless people.
Overview of Three Employment Linked Incentive Scheme
| Name of the scheme | Three Employment Linked Incentive Scheme |
| Launched by | Indian Government |
| Beneficiaries | Citizens |
| Objective | To provide financial help |
| Application mode | Online |
| Official website | epfindia.gov.in |
Objective of Three Employment Linked Incentive Scheme
The main objective of the scheme is to raise the standard of life and offer job chances to India’s jobless people.
Type of Three Employment Linked Incentive Scheme
- Three Employment Linked Incentive Schemes A
- Three Employment Linked Incentive Scheme B
- Three Employment Linked Incentive Scheme C
Startup India Seed Fund Scheme
Schemes A:
The Government of India will transfer the wages directly to the fresher’s bank account in three installments. The eligible limit under the scheme is Rs.1 lakh per month.
The Government of India states that 210 lakh youth will benefit from the scheme. The primary objective of Scheme A of the Three Employment Linked Incentive Schemes is to provide a wage of up to Rs.15000 to all new employees in all formal sectors.
Benefits
Freshers will be paid up to Rs.15,000 in all formal sectors under the Three Employment Linked Incentive Schemes A.
Eligibility Criteria
- The applicant needs to be new to any formal field.
- The employee’s pay cannot exceed one lakh Indian rupees.
- Both the employer and the worker need to have an EPFO registration.
Scheme B:
The Indian government launched the Three Employment Linked Incentive Scheme B in an effort to improve work opportunities in the country’s manufacturing industry. Employers will receive incentives from the Indian government to hire freshmen in order to carry out this scheme.
During the first four years of work, the Government of India will provide rewards to all employers and employees who are registered with EPFO. The Indian government claims that this programme would help 30 lakh people in all.
Benefits
- Employee and Employer incentives will be given based on their respective EPFO contributions throughout the first four years of employment.
Eligibility Criteria
- The applicant has to work in the manufacturing industry.
- The employee’s pay cannot exceed one lakh Indian rupees.
- Both the employer and the worker need to have an EPFO registration.
Scheme C
The Three Employment Linked Incentive Scheme C was introduced by the Indian government to encourage firms to hire recent graduates. For every extra employee, the government would compensate firms for up to Rs 3,000 per month for two years toward their EPFO contribution.
The Government of India hopes to encourage an extra 50 lakh citizens to work in India by introducing this scheme. The scheme will greatly improve employment opportunities and economic growth.
Benefits
- Employers will receive a financial benefit under this Three Employment Linked Incentive Scheme C of up to Rs.3000.
Eligibility Criteria
- Both the employee and the employer need to be EPFO registered.
- Freshers must be employed by the employer.
Required Documents
- Aadhaar card
- PAN card
- Address proof
- Electricity bill
- Email ID
- Mobile number
Apply Online of Three Employment Linked Incentive Scheme
- First you have to visit the Official Website of the scheme.
- The homepage will appear on your screen.
- Click on the Apply here option.
- A new page will appear on your screen.
- Enter all the necessary details in the form.
- You have to upload all the necessary documents.
- Click on the submit button.
FAQ’s
Who launched the Three Employment Linked Incentive Scheme 2024?
The Three Employment Linked Incentive Scheme 2024 was introduced by India’s Finance Minister.
What kind of financial support is provided under the C version of the Three Employment Linked Incentive Scheme?
Employers will receive a cash support of Rs.3000 under the Three Employment Linked Incentive Scheme C.
What is the official website of the scheme?
epfindia.gov.in