Context:
Finance Minister announced the implementation of 3 employment linked incentive schemes as part of the Budget 2024.
Employment Based Incentive Schemes:
- Based on – Enrolment in the EPFO (Employees’ Provident Fund Organisation)
- Scheme A –
- For 1st-time employees
- Duration – 2 year
- Provide a month’s wage to all employees entering the workforce in all formal sectors.
- Salary eligibility limit – Rs 1 lakh per month.
- Scheme B –
- Job creation in manufacturing
- Aim – To incentivise additional employment in the manufacturing sector linked to the employment of first-time employees.
- Eligibility – All employers, corporate and non-corporate entities, with a 3-year record of EPFO contribution
- Incentives ranging between 8-24 per cent will be paid for 4 years to both employees and employers.
- Scheme C –
- Support to employers for additional jobs
- All additional employment within a salary limit of Rs 1 lakh per month will be counted under the scheme.
- Govt will reimburse to employers up to Rs 3,000 per month for 2 years towards the EPFO contribution for each additional employee.
Employees’ Provident Fund Organisation (EPFO):
- A statutory body that came into existence under the Employees’ Provident Fund and Miscellaneous Provisions Act, of 1952.
- Administration of this Act falls under the purview of a tripartite body known as the Central Board of Trustees (CBT), Employees’ Provident Fund.
- Under the administrative control of – Ministry of Labour & Employment, Government of India
- CBT – Comprises representatives from various sectors, including the government (both central and state), employers, and employees.
- Administers 3 schemes – Employees’ Provident Fund (EPF) Scheme 1952, Employees’ Pension Scheme (EPS) 1995 and Employees’ Deposit Linked Insurance (EDLI) Scheme 1976
- Board is assisted by the Employees’ PF Organization (EPFO)
Source: The Indian Express
Previous Year Question
Consider the following markets:
1. Government Bond Market
2. Call Money Market
3. Treasury Bill Market
4. Stock Market
How many of the above are included in capital markets?
[UPSC Civil Services Exam – 2023 Prelims]
(a) Only one
(b) Only two
(c) Only three
(d) All four
Answer: (b)
Explanation:
Government Bond Market and Stock Market are part of the capital markets.
