New employment policy to increase jobs for locals
Cabinet approves specific guidelines on how various industries should provide jobs
bangalore: The Karnataka Cabinet approved an employment policy with a three-year plan to create 7.5 lakh job opportunities, mainly in the textile and garment sectors.
“If companies are to make additional investment, they should create additional jobs based on the criteria explained in the policy,” Law and Parliamentary Affairs Minister JC Madhuswamy told reporters after the Cabinet session on Friday. .
The Karnataka Employment Policy 2022-25 proposes preference for locals in all job categories. The policy aims to achieve the goal by providing additional incentives for investors to create more jobs. The Cabinet approved the policy which CM Basavaraj Bommai announced in his first budget in March this year.
There are specific guidelines on how various industries should provide jobs. “Under the new policy, the number of jobs should be increased and locals should be employed,” he said. The vision is to ensure wide availability of relevant labor throughout Karnataka and provide employment opportunities to a broader base of the state workforce to reduce unemployment in Karnataka, he said.
The increase in the number of jobs would depend on the category of industry and investment. If an industry is classified in the medium category, where the minimum employment is 20 and it agrees to create seven additional jobs, the policy will allow additional investment of up to Rs. 10 crores, the minister said.
Similarly, if an industry has offered to increase working capital by Rs. 50 crore, it must generate a minimum of 30 to 50 jobs. If the investment is Rs. 100 crore, a minimum of 35 additional jobs are expected to be created, the minister said.
The government has increased the minimum job creation requirement for industries. Ultra-mega units, which previously had to create a minimum of 400 jobs, will now have to generate 510. The minimum employment requirement for large industries has increased from 50 to 60 and for medium industries from 10-15 at 20.
If entrepreneurs are to invest more, they will have to create additional jobs based on the criteria explained in the policy, he added.