New scheme to provide financial support and skill development for young job seekers across India.
The Central Government is preparing to introduce a new initiative aimed at empowering the youth with job opportunities and financial aid. Under this scheme, young people will receive a monthly stipend of Rs 5000 to help support their training and career development. The guidelines for this new program are expected to be released soon, and a dedicated portal will be launched for easy access to this scheme.
Internship Scheme Introduced in Budget 2024
The Internship Scheme was first proposed in the 2024 Union Budget as part of the government’s ongoing efforts to address youth unemployment. According to reports from CNBC-TV 18, the Ministry of Corporate Affairs (MCA) is working on finalizing the guidelines for this scheme. Once launched, the program will enable the youth to gain essential skills and work experience, helping them secure jobs in the corporate sector.
Eligibility and Criteria for Youth
The scheme comes with specific eligibility criteria that interested candidates must meet to benefit from it:
- Age Limit: The intern’s age should be between 21 and 24 years.
- Family Income: The family’s annual income must not exceed Rs 8 lakh.
- Education Status: Only individuals who are not currently enrolled in formal degree courses or working full-time will be eligible. Those pursuing online courses or vocational training can apply.
These guidelines ensure that the scheme targets young individuals who need financial and skill development assistance the most.
How the Scheme Will Work?
The Internship Scheme is designed to build a bridge between youth and the corporate world. Through the program, young participants will receive training from companies interested in hiring them for future employment. The scheme aims to enhance the employability of the youth by developing their skills to meet industry standards.
- Stipend and Financial Aid: Each intern will receive a monthly stipend of Rs 5000. Of this amount, Rs 500 will be contributed by companies from their Corporate Social Responsibility (CSR) fund, and the remaining Rs 4500 will be provided by the government. In addition, the government will make a one-time payment of Rs 6000 to each intern to support their participation in the program.
Companies to Bear Training Costs
Under the scheme, the companies will bear the financial cost of training the interns. This training will provide valuable work experience that can open doors to long-term employment for the youth. However, interns will need to manage their own living and food expenses, which they can cover through the stipend provided.
The primary objective of this scheme is to create a strong link between the youth and the corporate sector, ensuring that companies get skilled employees and young individuals get job opportunities in an increasingly competitive market.
