Chennai: The Employment-linked Incentive Scheme approved by the Union Cabinet is set to generate jobs for 3.5 crore youth across India, said Regional Provident Fund Commissioner Vijay Anand on Friday.

Speaking at a press briefing in Chennai, Mr. Anand stated that the Central Government has earmarked ₹99,446 crore for the scheme, which primarily targets employment generation in the manufacturing sector. “It will boost not only production but also research and innovation,” he added.

The scheme, effective from August 1, 2025, to July 31, 2027, aims to benefit both first-time job seekers and employers. Individuals enrolling in the Employees' Provident Fund (EPF) for the first time will receive up to ₹15,000 in two installments, directly credited to their bank accounts.

Highlighting incentives for employers, Mr. Anand said companies hiring eligible employees will receive up to ₹3,000 per month per employee for two years. For manufacturing sector firms, the benefit will extend up to four years. The incentive is applicable to employees earning up to ₹1 lakh monthly.

“The initiative seeks to transition workers from the unorganized to the organized sector,” he noted, urging eligible youth and employers to utilize the benefits. He also revealed that Tamil Nadu currently has 40 lakh active EPF accounts.

Press Information Bureau Director Arun Kumar was also present at the event.