Budget 2024: Details of PM’s internship program, including eligibility and monthly pay

The Finance Minister, Nirmala Sitharaman, has proposed an internship program that will pay young people a monthly income while they build their skills.

Budget 2024 :

During her Budget 2024–25 speech in the Parliament on Tuesday, Finance Minister Nirmala Sitharaman emphasized a number of programs included in the Prime Minister’s package that are intended to increase employment and skill development nationwide. An internship program for at least one crore young people was one of these initiatives.

at the Lok Sabha, Sitharaman stated that the Budget 2024 presents a comprehensive plan to offer one crore youth internships at 500 premier companies over the course of the following five years.

The program, which was introduced in the first Union Budget of the Modi government following their third consecutive victory in the Lok Sabha election, was part of an initiative to lower youth unemployment.

Details of the Budget 2024 internship program

According to Sitharaman, the internship program will give one crore young people the chance to intern at 500 of the nation’s best enterprises. Under this program, interns will get a one-time assistance sum in addition to a monthly stipend.

The adolescents will receive ₹6000 as one-time help and ₹5000 as a monthly allowance under the plan. The program will have two years for its first phase and three years for its second.

See Also : Congress claims the budget reiterates its “pehli naukri pakki” electoral promise and includes an internship program.

According to the idea, the businesses would pay for the youth’s training, and their corporate social responsibility (CSR) money would cover 10% of the interns’ expenses. The online application portal will be used for the procedure; specifics are yet pending.

Businesses that are giving internships will need to supply them with real-world work experience as well as skill-building activities. Instead of in a classroom, the internship should be completed at least half of the time in a working environment.

Only individuals who are unemployed or enrolled in full-time college and who are between the ages of 21 and 24 will be eligible for the Budget 2024 internship program. The internship is not open to applicants who have graduated from Indian Institutes of Technology (IIT), Indian Institutes of Management (IIM), or Indian Institutes of Science Education and Research (IISER).

In her budget speech, Union Finance Minister Sitharaman suggested that over the next five years, 4.1 crore youth should be employed. The finance minister stated that ₹2 lakh crore has been allotted by the government towards it.

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Also Read : China will increase the retirement age as its population ages.

In an effort to address its aging population and collapsing pension system, China plans to progressively raise the legal retirement age over the next five years.

Since the Communist revolution in 1949, the country’s life expectancy has increased to 78 years, surpassing that of the United States.

However, China still has one of the lowest retirement ages in the world, with 50 for working-class women, 55 for white-collar workers, and 60 for men.

The proposal to increase retirement ages is one of several resolutions that were approved last week at the Third Plenum, the top-level Communist party assembly that occurs every five years.

The party’s central committee stated in a major policy paper outlining the reforms, “In line with the principle of voluntary participation with appropriate flexibility, we will advance reform to gradually raise the statutory retirement age in a prudent and orderly manner.”

Although a China Pension Development Report published at the end of 2023 stated that “65 years old may be the final result after adjustment,” it did not indicate how much or by when the retirement age would be raised.

With China’s pension funding shrinking, the proposal has been in the works for a few years.

The primary state pension fund in the nation will run out of money by 2035, according to a 2019 projection by the state-sponsored Chinese Academy of Social Sciences. This prediction was made before to the Covid-19 outbreak, which severely damaged China’s economy.

 

In 2023, the enormous population of the nation decreased for a second year in a row due to a declining birth rate.

According to Chinese demographers cited in the state-run Global Times newspaper, the proposal to raise the retirement age emphasizes “voluntariness” and “flexibility,” indicating that the government recognizes there is no one-size-fits-all retirement policy.

On the Chinese internet, though, there is some skepticism about the proposal.

“Those who are in comfortable, lucrative professions will not desire to resign, while those who seek to leave early are burned out from their demanding jobs. On the X-like social media site Weibo, a user questioned, “What kinds of jobs will the younger generation end up with?”

According to some, delaying retirement would only result in a delay in receiving their pensions. “There is no guarantee that you would still have a job before the statutory retrement age,” a user wrote.