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Unemployment in India has consistently remained a matter of concern. An Indian think tank – The Centre for Monitoring the Indian Economy, reported that the unemployment rate in India, as of June 2024, stood at 9.2%. Emanating the immediate need for robust government action to mitigate unemployment and skill development gaps.
Fortunately, this was addressed in the latest Union Budget released on July 23rd, 2024, as the fifth scheme under the Prime Minister’s package, wherein India’s one crore youth will get on-the-job training through internships in the top 500 companies over the next five years.
What Is Internship Scheme 2024?
The proposed scheme will give interns exposure for 12 months to a real-life environment and the avenue to develop required skills. Furthermore, the government with give the interns a monthly stipend of ₹5,000 and an additional one-time allowance of ₹6,000.
The scheme will only apply to those not employed or engaged in full-time education and aged between 21 and 24 years.
Companies facilitating the internship will bear training and 10% of the training cost from their respective Corporate Social Responsibility funds. Companies providing internships will need to select from shortlisting based on objective criteria with emphasis on those with lower employability. The participation from companies will be completely voluntary.
Also Read: Onsurity Serves 1.5 Million Lives across 8,000+ Businesses
How Onsurity Is Securing India’s Next-Gen Workforce?
Onsurity lauds and welcomes this initiative from the government. India’s next generation of workforce, including talent from tier 3 and tier 4 institutions, can benefit from this move. This scheme will not only help interns get on-the-job training, but it will also improve their employability in the future. The approach is very holistic and inclusive as the primary focus will be to upskill the less privileged section of society.
At Onsurity, we have always believed in creating holistic and inclusive solutions. Therefore, we are India’s first and only platform to create a health and wellness benefit program called InternShield – crafted especially for interns. A program that covers interns and their families in case of any health-related emergencies and further protects them from cyber risks.
Exploring InternShield Benefits and Coverage
1. Healthcare
- Free Teleconsultations
- Group Health Insurance (Up to ₹1 lakh)
- Personal Accident Cover (Up to ₹3 lakhs)
2. Wellness
- Mental health sessions
- Dental care subscription
- 40% discount on gym membership
3. Cybersecurity
- Dark web monitoring
- Cyber score
- Cyber insurance cover (Up to ₹10,000)
InternShield’s cover, much like the internship scheme, takes an inclusive approach towards securing both the workforce and companies alike. The program has a little bit of everything to offer to employers and interns.
Benefits for the Employer
- Monthly subscription plan: No more hassle of annual billing cycles, pay on a monthly basis
- Easy management: Add or remove members, track claims, and do much more via the TeamSure Dashboard
- Attract the best talent: After salaries, wellness benefits are the number-one talent attractions and retainers
Benefits for Interns
- Holistic well-being: Covering all aspects of a fresh graduate’s professional life, from cybersecurity to health coverage and wellness benefits
- Option to include parents or siblings: Interns can add their parents or siblings to their active plans
Employers benefit from streamlined management that reduces administrative burdens and boosts overall productivity. Interns get peace of mind and comprehensive support to help them thrive in their roles. With this holistic approach, InternShield enables companies to cultivate a nurturing environment that ensures the well-being of its interns.
India’s budding new workforce deserves the necessary attention and access to grow and contribute positively towards the economy. They are the future and for a brighter future, let us all come together to create an environment that bolsters their security and safety. Want to know more about InternShield and how it can help your company? Request a demo today!