Good news for students. The wait for the youth of the country is over. The Union Government has taken another historic step as part of its major employment promotion campaign. The Union Cabinet chaired by Prime Minister Narendra Modi has formally approved the Employment Linked Incentive Scheme (ELI).
What is Employment Linked Incentive Scheme (ELI)?
Employment Linked Incentive Scheme (ELI) is specifically designed to provide financial support to young people entering the workforce for the first time. Under this scheme, the government will provide an amount equivalent to one month’s salary to about 19.2 million new youth. For this, the government has made a huge budget provision of about Rs 99,446 crore.
Young people starting new jobs will get Rs 15,000 directly in their bank accounts and this amount will be released in two installments. Under this scheme, young employees will get an incentive amount of Rs 15,000. This amount will be disbursed in two installments. The first installment will be given after six months of employment, and the second installment will be given after completing 12 months and completing the financial literacy program. A part of this assistance will also be deposited in the EPF account of the employees.
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