#Modinomics 3.0: India’s G20 Sherpa Amitabh Kant: Employment-Linked Incentives-A Game Changer

As part of Budget 2024, three employment-linked incentive schemes were announced to support employees and employers via EPFO enrolment. These schemes target first-time employees with salaries under INR 1 lakh per month, offering a one-month wage subsidy up to INR 15,000 via DBT, benefiting around 1 crore people annually. Another scheme encourages hiring in the manufacturing sector with incentives over four years, benefiting 30 lakh first-time employees. The third scheme supports employers meeting specified hiring thresholds with subsidies to boost job creation and retention. Amitabh Kant, India’s G20 Sherpa, praised these initiatives as essential for job creation and economic growth.