Finance Minister Nirmala Sitharaman announced scheme for internship opportunities for as many as 1 crore youth in the Union Budget 2024-25.
FM said the government will launch a comprehensive scheme to offer internships in "500 top companies" to one crore youth in five years.
Internship allowance of Rs 5000 per month in addition with one-time assistance of Rs 6000 will be provided, the FM said. The companies are expected to bear the training cost and 10 percent of the internship cost from their corporate social responsibility (CSR) funds.
Among the slew of measures for employment generation, FM also announced that the government will provide Rs 3,000 per month to companies to cover their EPFO contributions for a period of 2 years for every extra hiring.
Further, all employees entering the workforce will get a wage of one month up to Rs 15,000. Scheme to benefit 2.1 crore youths, said the minister. It will be provided in three tranches and the eligibility limit is salary of Rs 1 lakh per month.
This is a developing story.
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