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    Question

    Which of the following schemes proposed in the Union

    Budget is expected to benefit 30 lakh youth by incentivizing additional employment in the manufacturing sector, linked to EPFO contributions for first-time employees?
    A First scheme: Newly employed workers in all formal sectors Correct Answer Incorrect Answer
    B Second scheme: Incentivizing additional employment in the manufacturing sector Correct Answer Incorrect Answer
    C Third scheme: Covering additional employment in all sectors Correct Answer Incorrect Answer
    D Fourth scheme: Upgrading Industrial Training Institutes Correct Answer Incorrect Answer
    E Fifth scheme: Providing internship opportunities for youth Correct Answer Incorrect Answer

    Solution

    The Union Budget has proposed five new schemes aimed at job creation and improving skilling to tackle unemployment and wage losses. The total outlay for these schemes is ₹2 lakh crore. Here are the details of each scheme: First Scheme: This scheme targets newly employed workers in all formal sectors, providing a direct benefit transfer equivalent to one month's wage in three instalments. It is expected to benefit 210 lakh youth. Second Scheme: This scheme focuses on incentivizing additional employment in the manufacturing sector. It is linked to EPFO contributions for first-time employees and is expected to benefit 30 lakh youth. This is the correct answer to the question. Third Scheme: This scheme covers additional employment in all sectors. The government will reimburse employers up to ₹3,000 per month for two years towards EPFO contributions for each additional employee. Fourth Scheme: This scheme aims at upgrading Industrial Training Institutes (ITIs) to improve the skill set of 20 lakh youth over five years. Fifth Scheme: This scheme provides internship opportunities for one crore youth in top companies, aiming to enhance their skills and employability. Thus, the second scheme, which incentivizes additional employment in the manufacturing sector, linked to EPFO contributions for first-time employees, is expected to benefit 30 lakh youth.

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