PM Employment Linked Incentive Scheme A: First Timers

Introduction

• Finance Minister of India Smt. Nirmala Sitharam presents the budget on 23rd of July in the parliament.
• She announced Prime Minister's Package for Employment and Skilling under which 5 Schemes will run concurrently.
• One of the prime scheme under PM's Package for Employment and Skilling is "Employment Linked Subsidy Scheme A: First Timers.
• The main objective behind announcing this scheme is to support first time employee financially so that they can placed themselves perfectly well in case of low salary.
• One month salary or wage as a subsidy will be provided to all first time employees who are entering in workforce as a newcomer.
• Employment Linked Incentive Scheme A: First Timers is a DBT Scheme in which one month salary of a employee will directly transferred in the bank account of employee.
• Maximum Subsidy provided to employee under Employment Linked Subsidy Scheme A is Rs. 15,000/-.
• Subsidy under this scheme will be provided in 3 Instalments.
• This scheme is only for EPFO registered employees, those employee who are not registered under EPFO are not eligible to avail the benefit of one month salary as a subsidy under PM Employment Linked Incentive Scheme A for First Timers.
• Salary Limit under this scheme is Rs. 1,00,000/- per month , means if a salary of an employee is more than Rs. 1 lakh per month then he/ she is not eligible to avail the benefits of Employment Linked Subsidy Scheme A: First Timers.
• Government of India allocate a budget of Rs. 23,000/- crore for the smooth implementation of this scheme.
• It is to be estimated that around 2,10,00,000/- youth will get benefits of subsidy as one month salary under Employment Linked Subsidy Scheme A: First Timers.
• Beneficiary Employee will have to undergo the compulsory training of Online Financial Literary Course before claiming the second instalment of Employment Linked Incentive Scheme A.
• The running period of Employment Linked Incentive Scheme is 2 years.
• Right now only this much information is available with us.
• Remaining Eligibility Conditions, Application Form, Mode of Application will be clear after the release of Official Guidelines of Employment Linked Incentive Scheme A: First Timers.
• We will update the same as soon as we get any information.

Benefits of the Scheme

• Benefits provided to Employee under Employment Linked Incentive Scheme A: First Timers are as follows :-
  • Salary/ Wage of 1 Month will be provided as a Subsidy.
  • Maximum Rs. 15,000/- Subsidy will be provided under this scheme.
  • Subsidy will be provide to Employee in 3 Instalments.
  • Facility of Online Financial Literacy Course also provided in 2nd Year of Employment.

Eligibility Criteria

• Government of India sets the following eligibility conditions for the employees in order to provide them a benefits of PM Employment Linked Incentive Scheme A: First Timers :-
  • Employee should be a First Time Employee.
  • Employee should be Registered in EPFO.
  • Monthly Salary of Employee should be less than Rs. 1 Lakh per Month.

Documents Required

• Documents that are expected to be required at the time of applying for Employment Linked Incentive Scheme A for First Timers are as follows :-
  • Aadhar Card.
  • Mobile Number.
  • Email.
  • Passport Size Photo.
  • EPFO Registration Number.
  • Employment Proof/ Joining Letter.

How to Apply

• Finance Minister Smt. Nirmala Sitharaman announced Employment Linked Incentive Scheme A for first timers employees while presenting the budget on 23rd of July 2024.
• Concerned Department of Indian Government will now draft the Guidelines of Employment Linked Incentive Scheme A: First Timers.
• Cabinet of Government will then give its approval to launch and implement this scheme.
• So as of now, there is no information available about PM Employment Linked Incentive Scheme A: First Timers.
• It solely depends on Government to accept applications through Online Application Form or through Offline Application Form.
• If the mode of application is online then separate Website of Employment Linked Incentive Scheme A: First Timers will be made for employees to apply.
• Employment Linked Incentive Scheme A: First Timers Application Process will only clear once the official guidelines is released.
• As soon as we get any information, we will update the same.

Important Links

• Application Form of PM Employment Linked Incentive Scheme A: First Timers along with its official guidelines will be released very soon.

Contact Details

• Contact Details of PM Employment Linked Incentive Scheme A: First Timers will be soon released by the concerned department of Government of India.