New Delhi: The Union Ministry of Labour and Employment on Saturday said it will launch the Employment-Based Incentive Scheme from August 1 as part of efforts to boost job creation across the country.

The initiative, titled Pradhan Mantri Vikshit Bharat Rojgar Yojana, aims to generate over 3.5 crore jobs in two years at an estimated outlay of ₹99,446 crore, the ministry said in an official notification.

The scheme will be operational from August 1, 2025, to July 31, 2027, and is expected to benefit 1.92 crore individuals in its first phase.

According to the ministry, the scheme has two components — one providing incentives to individuals entering the formal workforce for the first time, and the other offering incentives to employers for generating employment.

The government expects the dual-structured scheme to strengthen the formal job sector while also supporting economic growth.