ELI Scheme EPFO Benefits: In this scheme of EPFO, incentives will be given to the bank accounts of the beneficiaries through DBT and this will happen only when the bank account is linked with Aadhaar.
EPFO News Update: Employee Provident Fund Organization (EPFO) has extended the deadline for linking Universal Account Activation (UAN) with Employment Linked Incentive Scheme (ELI Scheme) to 15 December 2024, whose deadline was earlier 30 November 2024. Along with extending the date of Universal Account Activation, EPFO has also extended the date for linking Aadhaar of bank account to 15 December 2024. EPFO has given this information through social media post.
EPFO addressed the employers in its post on social media platform X and wrote that the date for activation of Universal Account Number and Aadhaar seeding of bank account has been extended to 15 December 2024. EPFO wrote, to avail the benefit of Employment Linked Incentive Scheme, those who have joined recently and those who have joined in the current financial year, should ensure that Aadhaar seeding of bank account is completed along with activation of their Universal Account Number.
Dear Employers,
The date of UAN activation and Aadhaar seeding of Bank Account has been extended till 15th December.
Ensure to do the same for all employees who have joined in the current financial year, starting with the latest joinees, to avail the benefit of the Employment… pic.twitter.com/u0Sob5Qujf— EPFO (@socialepfo) December 4, 2024
The extension of the date for activating UAN of recently joined employees was already expected as the government has not yet announced the details of the Employment Linked Incentive Scheme. In its post, EPFO has asked the employers to complete this work as soon as possible so that the last minute rush to avail the Employment Linked Incentive Scheme can be avoided.
What is Employment Linked Incentive Scheme
To promote employment, the government has come up with the Employment Linked Incentive Scheme in which incentives will be given to both employers and employees. The aim of this scheme is to create 2 crore jobs in two years. The Employment Linked Incentive Scheme was announced in the budget presented for the financial year 2024-25. Under this scheme, an allocation of Rs 2 lakh crore in 5 years will be spent on providing employment to 4.1 crore youth and their skilling. In this scheme, incentives will be given to the bank accounts of the beneficiaries through Direct Benefit Transfer and this will happen only when the bank account is linked to Aadhaar.
Under Employment Linked Incentive, under Scheme A, employees who are registered with EPFO, who get employment for the first time in the organized sector, will be given Rs 15000 i.e. one month’s basic salary in three installments.
Under Scheme-B, employment opportunities in the manufacturing sector are to be increased. In this scheme, incentives will be given to both employees and employers. In this, the employer will be given incentives for giving jobs to first-time employees. Employees with salary up to Rs 1 lakh will get the benefit of this scheme. Under Scheme-C, employers will be given Rs 3,000 per month for EPFO contribution of each additional employee whose salary is up to Rs 1 lakh for a period of two years.
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