EPFO News: The country’s general budget was presented on Tuesday. Finance Minister Nirmala Sitharaman made a big announcement for employees getting a job for the first time in the budget.
Now the central government will deposit Rs 15,000 in the EPFO account of the youth on getting their first job. This amount will be given in three installments.
The Finance Minister had said in the budget speech that those who start working for the first time in the organized sector will be given one month’s salary, which is a maximum of Rs 15,000. He said, ‘Youngsters have to go through a learning phase before becoming productive. This subsidy is to help the employee and the company in hiring.’
Young employees will get benefits
In the budget speech, Nirmala Sitharaman talked about the nine priorities of the central government. These included skill development and employment. After this, the Finance Minister announced a big gift for the youth. However, there are some terms and conditions regarding this. The financial help provided by the government will be given to those who are registered with EPFO.
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Money will be available in three installments
On the first job, the government will deposit an amount of Rs 15,000 in the EPFO account of those whose salary is less than Rs 1 lakh per month. This benefit will be applicable in all sectors. This amount will be given in three installments through DBT.
If you leave the job, you will have to return the money
The duration of this scheme is two years. After receiving the first installment, the candidate will have to do a financial education course for the second installment. If the employee resigns from the job before one year, then the amount will have to be returned.
