Of 3.5 crore jobs, 1.92 crore beneficiaries will be those entering the workforce for the first time.

PM Modi Announces "Pradhan Mantri Viksit Bharat Rozgar Yojana" Latest News

Prime Minister Narendra Modi on Friday, addressing the Nation on the 79th Independence Day from the ramparts of the Red Fort, announced a "Pradhan Mantri Viksit Bharat Rozgar Yojana" and stated that those getting their first job in the private sector will get Rs 15,000 from the government.

PM Modi, in the longest speech ever made by a PM in India's history, announced that the Rs 1 lakh crore scheme will come into effect immediately, aimed at benefiting over 3.5 crore people. 

"Today is August 15, and we are launching a Rs 1 lakh crore scheme for the youth of this country. It is good news for you that PM Viksit Bharat Rozgar Yojana is being rolled out from Today," he said.

According to a report by NDTV, the Ministry of Labour & Employment, last month, had said the employment-linked incentive (ELI) scheme was approved by the Union Cabinet chaired by PM Modi.

Citing a July 25 statement of the Ministry, the report said, the scheme aims to foster the creation of more than 3.5 crore jobs over two years. Of 3.5 crore jobs, 1.92 crore beneficiaries will be those entering the workforce for the first time. 

The scheme is divided into two parts, A and B.

Part A will offer one-month EPF wage up to Rs 15,000 in two instalments to first-time employees registered with the Employees' Provident Fund Organisation (EPFO).

The scheme applies to employees with even salaries up to Rs 1 lakh. The first and second installments will be payable after six and twelve months, respectively. 

Part B is aimed at generating additional employment in all sectors, the NDTV report said. Under this part of the scheme, the employers will get incentives with respect to employees with salaries up to Rs 1 lakh, encouraging the hiring of additional employees.

The Centre will incentivise employers, up to Rs 3,000 per month, for two years, for each additional employee. For the manufacturing sector, it will be extended to the third and fourth years as well. 

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