4 Things in Budget about Job Creation
1 Ayushman Bharat and the flagship National Health Protection Scheme-are not only expected to address health care but also "generate lakhs of jobs, particularly for women". Under Ayushman Bharat Program government proposes to set up 1.5 lakh Health and Wellness Centers.
2. The allocation under jobs and skill development schemes has increased by 24 per cent to Rs 50.71 billion in financial year 2018.This Augurs well for MSME sector, which has been struggling to bridge the demand-Supply gap in skilled labor.
3.The Special package of Rs 71.48 billion is expected to create 0.324 million jobs in next 3 years and assist in formalization of 0.20 million jobs. The announcement of special package was in line with the expectations of the market that was severely affected by demonetization and GST.
4. To boost job creation In informal sector finance minister Arun Jaitley has announced that the government will contribute 12 per cent wages of the new employees in the EPF for all the sectors-instead of a select few at present-for next three years. To incentivize employment of more women and to enable higher take-home wages, the Budget has also proposed to amend the EPF Act to reduce women's employees' contribution to 8 per cent for the first three years of their employment while the employer's contribution will continue at 12 per cent.
