The Employment-Linked Incentive Scheme, proposed in the Union Budget 2024-25, is aimed at boosting job creation, enhancing workforce participation, and formalizing employment in labor-intensive sectors.
Key Objectives of the Scheme:
1) Encouraging formal employment generation → (A)
• Provides incentives to companies that hire new employees in the organized sector.
2) Providing wage subsidies to employers → (B)
• Employers receive financial support for hiring workers, especially in MSMEs.
3) Boosting job opportunities in labor-intensive industries → (D)
• Focuses on sectors like textiles, manufacturing, and services where employment potential is high.
4) Enhancing workforce skilling and upskilling → (E)
• Aims to bridge the skill gap through training and development programs.
Study Notes
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