Telengana Budget Highlight 3
Arjun Jaitley’s Budget 2018 will give a huge boost to job creation, some experts feel. The government wants to spend higher sums on infrastructure, health, housing and tourism, thereby creating jobs of the highest magnitude.
For example, infrastructure budget for the coming financial year is to the tune of Rs. 6 lakh CR, which is much higher than the Rs 4.94 lakh Cr earmarked for last year.
On the floor of the Parliament, the Finance Minister said, “Seventy lakh formal jobs have been created this year. Govt will contribute 12% EPF in wages of new employment in all sectors for the next 3 years.”
Besides, women employees’ contribution to EPFO will now be lower at 8 pc as against the extant 12 pc rate. Fixed-term employment now applies to all industries. All these steps are said to be a substitute for the lack of labour reforms.