New Delhi, Aug. 15 -- Marking his 12th Independence Day address from the historic Red Fort, Prime Minister Narendra Modi on Friday announced the Pradhan Mantri Viksit Bharat Rozgar Yojana with an outlay of Rs 1 lakh crore. This transformative scheme aims to support the creation of over 3.5 crore jobs in two years, the Ministry of Labour & Employment said in a press release.

The scheme will provide an incentive of up to Rs 15,000 in two instalments to newly employed youth and up to Rs 3,000 per month per new employee to employers for the creation of new job opportunities.

Targeting first-time employees registered with EPFO, Part A will offer one-month EPF wage up to Rs 15,000 in two instalments. Employees with salaries up to Rs 1 lakh wi...