PM launches scheme to create 3.5cr private sector jobs in 2 yrs

NEW DELHI: PM Narendra Modi on Friday announced the launch of the Rs 1 lakh crore employment scheme aimed at supporting the creation of 3.5 crore jobs in the private sector over the next two years. The move, coming ahead of crucial assembly polls in Bihar, West Bengal, Tamil Nadu and Assam in the coming months, also addresses concerns over employment challenge that opposition parties have sought to highlight.

The PM Viksit Bharat Rozgar Yojana , which was earlier called Employment-Linked Incentive scheme , is targeted at first time employees with salaries up to Rs 1 lakh a month and will provide EPF wage up to Rs 15,000 in two instalments. The plan is to pay up to 1.9 crore first time employees. The second element is an incentive to employers of up to Rs 3,000 a month for a year for each additional employment, sustained for at least six months. For the manufacturing sector, the incentives will be extended to the third and fourth years as well.

"Today, opportunities are being created for our youth in new sectors. A massive campaign is going on for skill development, self-employment, internships in big companies and hence, youth of the country," Modi said.