The Union Finance Minister introduced the paid internship scheme in the Union Budget 2024-25.
- The scheme aims to target 1 crore youth over the next 5 years, by providing them with government-mandated internship opportunities across the country’s top 500 companies.
- Internship will be for 12 months. Monthly internship allowance provided under the scheme is INR 5,000.
- For 12 months’ internship, the total cost will be INR 60,000 plus INR 6,000 as one-time additional payout for incidentals.
- The companies participating in this initiative will be undertaking the cost of training the interns on-board, partially funded via their CSR budget.
- An individual between 21 to 24 years of age is eligible to apply for internship. However, such individual should not be employed or engaged in full time education.
- Candidates who have qualified from IIT or IIM or IISER or CA or CMA etc. are not eligible. No member of candidate’s family should be assessed to income tax or should be a government employee.
- Organisations are required to engage 2.5% of their workforce as apprentice under the Apprentices Act, 1961.
