Hello HR Professionals,
I wanted to reach out regarding the recently introduced Employment Linked Incentive Schemes from this year’s budget, part of the Prime Minister’s Package for Employment Growth. These schemes seem tailored to support first-time employees, incentivize manufacturing job creation, and encourage workforce expansion by offering various subsidies.
To summarize:
Scheme A provides a subsidy (up to ₹15,000) in installments for first-time employees.
Scheme B incentivizes manufacturing sector growth with a tiered subsidy over four years.
Scheme C offers quarterly reimbursements to companies that expand their workforce by a certain number of employees.
For those of you who have looked into this or started the application process, could you share insights on eligibility requirements, documentation, and the steps for companies to apply?
Thanks in advance for any advice!
Budget 2024: New employment-linked incentives for employees, employers