Karnataka Chief Minister Siddaramaiah on Tuesday launched the registration of the fifth and last poll guarantee 'Yuva Nidhi' here offering unemployment assistance to graduates and diploma holders.

The disbursement of the scheme will start from January 12, 2024, which is the birth anniversary of Swami Vivekananda.

The scheme offers monetary assistance of Rs 3,000 to the graduates and Rs 1,500 to the diploma holders who passed in the 2022-23 academic year.

The money would be given to those who do not get a job even after completion of 180 days from the date of passing of the degree/diploma, officials said, adding that the candidates are required to prove domicile of Karnataka for a minimum of six years.

The unemployment allowance would be given for a period of two years from the date of announcement of the result or till he/she becomes employed/self-employed whichever is earlier.

The amount will be directly transferred to the bank account of the beneficiaries.

Candidates who are self-employed and continuing higher education are excluded from the scheme.

According to Skill Development and Entrepreneurship Minister Sharanaprakash Patil, this year Rs 250 crore has been allocated to the scheme. Next year an expenditure of Rs 1,250 crore is anticipated and the year after that the state may incur a spending of approximately Rs 2,500 crore.

Those who wish to avail the benefit can apply by logging on to 'Seva Sindhu portal', or through 'Karnataka One', 'Bengaluru One', 'Grama One' and 'Bapuji Seva Kendra'.