The economic distress around us leaves a lot of the country triggered and unemployed. Unemployment is kind of an insidious problem in India, don’t you think? Moreover, the COVID-19 pandemic has had an even more devastating effect on the country – leading to more unemployment.
Also, the consequences of unemployment are far more reaching and also have adverse effects on the economy. It is for this very cause that the Government has several schemes for the unemployed. You can find them all here! So, let us keep going.
Let us discuss some of the initiatives by the Government that support the educated yet unemployed people of India, and here they are:
- Prime Minister Rozgar Yojana
To address the issue of unemployment, the Indian Government implemented the Prime Minister Rozgar Yojana (PMRY). This program intends to provide self-employment options to tens of thousands of educated unemployed adolescents. The primary concept of this strategy is self-employment in rural regions, which is seen as the most effective way to address the growing unemployment problem.
The major goal of this initiative is to give unemployed but educated youth easy subsidized financial support. The scheme’s only objective is to encourage participants to develop their own businesses in the manufacturing, business, service, and trade sectors.
- Saksham Yuva Yojana
If you are thinking, “what is Saksham Youva Yojana?” No worries, got you covered. It is an evolving initiative by the State Government of Haryana and is concentrated on the betterment and welfare of the unemployed and educated youth. It was a scheme launched in the year 2106 for unemployed youth. Well, the core objective of the project is to provide these educated youngsters with monthly financial assistance. It focuses and aims at providing employment opportunities among them and placing them in different departments of the state government.
All of the state government departments, colleges, and boards need to notify the employment department of job openings. The employment department will give the graduates SMS and email alerts on vacancies. They can also use the Saksham Yuva Platform to post their job openings for people who are looking for work.
- Prime Minister’s Employment Generation Program
The major goal of this scheme was to promote employment opportunities to both rural and urban areas by establishing new self-employment ventures, projects, and micro-companies. It assists in bringing up all of the local traditional craftspeople, as well as rural and urban children, under the program to turn their skills into profit-generating businesses.
- Agriculture Loan
Agriculture loans are a highly important scheme for unemployed people working in agriculture. Unemployed agriculture graduates aged 22 and up can apply for the scheme and start their own business in the promising field. Under this initiative, the Government of India collaborates with numerous banks and NBFCs to assist unemployed youth in the agriculture industry.
- Unemployment Insurance
While there is no unified or centralized plan of unemployment insurance provided to all unemployed individuals in India, there are a couple of government schemes that provide unemployment compensation.
The Employees’ State Insurance Corporation (ESIC) provides two unemployment benefit schemes: the Rajiv Gandhi Shramik Kalyan Yojna (RGSKY) and the Atal Beemit Vyakti Kalyan Yojna (ABVKY) (ABVKY). The Employees’ State Insurance Act of 1948 (the Act) was enacted to provide benefits to employees working in factories and other establishments such as shops, commercial establishments, residential hotels, restaurants, eating-houses, theatres, and other places of entertainment in the event of sickness, maternity, or employment injury, as well as to make provisions for certain other matters related to such benefits.
Aside from giving unemployment compensation to those who qualify, the Act also provides a number of other benefits.
The factory or any other establishment to which this Act applies must employ at least ten employees or have employed at least ten people on any day in the previous 12 months. To receive benefits under the Act, the individual must be an “insured person,” which is defined as a person who is or was an employee for whom contributions are or were payable under this Act and who is or was entitled to any of the benefits granted by this Act. So, if you are insured you know it has a benefit on you.
Under this Act, a corporation, the Employees’ State Insurance Corporation, is established, and a contribution is made, which is a sum of money payable to the corporation by the principal employer in respect of an employee. And it includes any amount payable by or on behalf of the employee in accordance with the provisions of this Act.
All contributions paid under this Act, as well as all money received on the corporation’s behalf, shall be deposited into the Employees’ State Insurance Fund, which shall be held and administered by a corporation for the purposes of this Act. As a result, the benefits and monies provided under this Act are paid from this fund.
Conclusion
It is tiring to look for jobs that serve you well – and also quite a long process. It is also never in our hands most times. That is why you need to leverage these government schemes and make the best use of them.
