The central government is set to unveil an innovative scheme aimed at empowering the youth with job opportunities, coupled with a monthly financial relief of up to 5,000 rupees. This groundbreaking initiative is on the brink of official announcement, complete with a new portal dedicated to its rollout. Let's delve into the comprehensive details of this scheme...
Indeed, the Internship Scheme was introduced as part of Budget 2024, with preparations now in full swing for its commencement. According to a report from CNBC-TV 18, the Ministry of Corporate Affairs (MCA) is poised to release guidelines for the initiation of the central government’s Internship Scheme any week now. Moreover, a dedicated internship portal is on the horizon.
What are the rules and criteria for the scheme?
To benefit from this scheme, the youth must meet certain criteria, without which participation becomes challenging. Eligibility requires interns to be between 21 to 24 years, with a family annual income not exceeding 8 lakh rupees. Candidates currently enrolled in formal degree courses or engaged in jobs aren’t eligible for this scheme, although they may participate in online courses or vocational training programs.
What benefits does the scheme offer?
This program is designed to align youth skills with corporate sector demands, facilitating job acquisition. Significant interest has been shown by major companies willing to train the youth, thereby aiding their employment opportunities.
Each intern will receive a stipend, with youths earning 5,000 rupees monthly. Companies' CSR funds will contribute 500 rupees, whereas the government will fund 4,500 rupees.
Additionally, the government will offer a one-time payment of 6,000 rupees to each intern.
Who shoulders the expenses?
Under the Internship Scheme, companies will cover the costs related to training. However, expenses for accommodation and meals will be borne by the youth, manageable with the assistance offered by the government. The scheme's primary goal is to forge a robust connection between companies and the youth, ensuring seamless access to jobs by providing companies with proficient employees.
