New Delhi, July 1 -- The Union Cabinet, led by Prime Minister Narendra Modi, has approved a new scheme called the Employment Linked Incentive (ELI) Scheme to promote job creation and improve social security on Tuesday.

According to the cabinet briefing, the scheme is designed to help both first-time workers and employers, with a special focus on the manufacturing sector.

The ELI Scheme aims to create over 3.5 crore jobs in two years, with a total budget of Rs 1 lakh crore. Out of this, 1.92 crore first-time employees are expected to benefit.

These are people who are entering the workforce for the first time. They will receive one month's wage (up to Rs 15,000) as a financial incentive, given in two instalments.

The first installment w...