Central government has launched PM Internship Yojana as Scheme E (5th scheme) under PM's package. Under this Prime Minister's Internship Scheme, Union govt. will provide internship opportunities in 500 top companies to 1,00,00,000 youths in next 5 years. Internship allowance of Rs. 5000 p.m and Rs. 6000 as one time assistance would be given. Read this article till the end to know Pradhan Mantri Internship Yojana complete details.
Scheme E: PM Internship Yojana in Union Budget 2024-25
As the 5th scheme under the Prime Minister’s package, our government will launch a comprehensive scheme for providing internship opportunities in 500 top companies to 1 crore youth in 5 years. They will gain exposure for 12 months to real-life business environment, varied professions and employment opportunities. An internship allowance of Rs. 5,000 per month along with a one-time assistance of Rs. 6,000 will be provided. Companies will be expected to bear the training cost and 10 per cent of the internship cost from their CSR funds.Short Brief of Pradhan Mantri Internship Yojana
Enrolment Duration (Years) | Expenditure Duration (Years) | Beneficiaries (lakhs) | Central Outlay (Rs. crore) | |
Employment Linked Incentive | | | | |
Scheme A: First Timers | 2 | 3 | 210 | 23,000 |
Scheme B: Bulk Hiring of First Timers in Manufacturing | 2 | 6 | 30 | 52000 |
Scheme C: Job Creation | 2 | 6 | 50 | 32000 |
Internship Programme (Phase -1) | 2 | 3 | 30 | 19,000 |
Internship Programme (Phase 2) | 3 (Starting from third year) | 4 (Starting from third year) | 70 | 44,000 |
Upgradation of ITIs | N/A | 5 | 20 | 30,000 |
Total | | | 410 | 2,00,000 |
PM Internship Scheme Phase Wise Implementation
There would be 2 phases for PM Internship Scheme implementation.- Phase 1 - Enrollment duration is 2 years and 30 lakh youths would be provided internship with an outlay of Rs. 19,000 crore.
- Phase 2 - On completion of Phase 1 implementation for two years, PM Internship Yojana Phase 2 would be launched. It means that from 3rd year itself, student would start getting enrolled in Prime Minister's Internship Scheme 2nd phase. Enrollment duration for phase 2 would be of 3 years and 70 lakh youths would be provided internship with an outlay of Rs. 44,000 crore.
In total, 1 crore youths would be provided internships in the next 5 years with an outlay of Rs. 63,000 crore.
Who are NOT Eligible for Prime Minister's Internship Scheme
Those candidates who are passout from IIT, IIM, IISER or has degree like CA, CMA are not eligible. If any family member is government employee or an income tax payee, then he/she cannot take PM Internship Yojana benefits.Scheme A, B, C, D in Union Budget 2024-25
Central government will implement 3 schemes (Scheme A, B, C) for Employment Linked Incentive, as part of the Prime Minister's package. These will be based on enrolment in the EPFO, and focus on recognition of first-time employees, and support to employees and employers.Scheme A: First Timers
Scheme A will provide one-month wage to all persons newly entering the workforce in all formal sectors. The direct benefit transfer of one-month salary in 3 instalments to first-time employees, as registered in the EPFO, will be up to Rs. 15,000. The eligibility limit will be a salary of Rs. 1 lakh per month. The scheme is expected to benefit 210 lakh youth.Scheme B: Job Creation in Manufacturing
Scheme B will incentivize additional employment in the manufacturing sector, linked to the employment of first-time employees. An incentive will be provided at specified scale directly both to the employee and the employer with respect to their EPFO contribution in the first 4 years of employment. The scheme is expected to benefit 30 lakh youth entering employment, and their employers.Scheme C: Support to Employers
This employer-focussed scheme will cover additional employment in all sectors. All additional employment within a salary of Rs. 1 lakh per month will be counted. The government will reimburse to employers up to Rs. 3,000 per month for 2 years towards their EPFO contribution for each additional employee. The scheme is expected to incentivize additional employment of 50 lakh persons.Participation of Women in the Workforce
We will facilitate higher participation of women in the workforce through setting up of working women hostels in collaboration with industry, and establishing creches. In addition, the partnership will seek to organize women-specific skilling programmes, and promotion of market access for women SHG enterprises.Scheme D: Skilling Programme
Central govt. has announced a new centrally sponsored scheme, as the 4th scheme under the Prime Minister's package, for skilling in collaboration with state governments and Industry. 20 lakh youth will be skilled over a 5-year period. 1,000 Industrial Training Institutes will be upgraded in hub and spoke arrangements with outcome orientation. Course content and design will be aligned to the skill needs of industry, and new courses will be introduced for emerging needs.Skilling Loans
The Model Skill Loan Scheme will be revised to facilitate loans up to Rs. 7.5 lakh with a guarantee from a government promoted Fund. This measure is expected to help 25,000 students every year.Education Loan e Voucher Scheme
While delivering Union Budget Speech 2024-25, Finance Minister said "For helping our youth who have not been eligible for any benefit under government schemes and policies, I am happy to announce a financial support for loans upto Rs. 10 lakh for higher education in domestic institutions. E-vouchers for this purpose will be given directly to 1 lakh students every year for annual interest subvention of 3 per cent of the loan amount".Source / Reference link: https://www.indiabudget.gov.in/doc/budget_speech.pdf
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