The Union Cabinet has approved the Employment Linked Incentive (ELI) Scheme with an outlay of Rs 99,446 crore to generate over 3.5 crore jobs over two years. The scheme supports both employees and employers, especially in the manufacturing sector.

First-time employees earning up to Rs 1 lakh will get up to Rs 15,000 in two instalments. Employers hiring two or more workers will receive incentives up to Rs 3,000 per month for up to four years. The scheme also promotes savings and financial literacy among youth.