EPFO: Employees should activate their UAN by tomorrow. So that they can take advantage of the ELI scheme. Employees will have to activate their Universal Account Number (UAN) to take advantage of the Employment-Linked Incentive (ELI) scheme being run by the Employees’ Provident Fund Organization (EPFO).
EPFO: Employees should activate their UAN by tomorrow. So that they can take advantage of the ELI scheme. Employees will have to activate their Universal Account Number (UAN) to take advantage of the Employment-Linked Incentive (ELI) scheme being run by the Employees’ Provident Fund Organization (EPFO). Now it is mandatory to link your bank account with Aadhaar. This process has to be completed by 30 November 2024.
What is ELI scheme?
In the Union Budget 2024, Finance Minister Nirmala Sitharaman launched the Employment-Linked Incentive (ELI) scheme. The aim of this scheme was to increase employment and encourage companies to hire new employees. The government has divided this scheme into three parts.
Scheme A: Under this scheme, companies will get a subsidy of ₹ 15,000 on hiring new graduates, which will be given in three installments. This is likely to provide employment to 30 lakh youth.
Scheme B: This is specifically for the manufacturing sector. In this, companies will get Rs 3,000 per employee monthly for two years on new recruitments. For eligibility, companies have been asked to add 50 new employees or increase the workforce by 25%.
Scheme C: This scheme will provide general incentives for increasing the workforce in different industries. There is not much information about it and it will be developed further.
Why is it necessary to activate and link UAN?
EPFO said in a notification on 22 November 2024 that every EPFO member should have an Aadhaar-linked UAN. It is necessary to activate it by logging on to the portal. Through active UAN, employees can view PF passbook, apply online claim. You can update personal information and track the status of the claim. To avail any Direct Benefit Transfer (DBT) scheme, it is necessary to link the beneficiary’s bank account with Aadhaar, so that the benefits can be deposited directly into the bank account.
Process to activate UAN
Visit the EPFO member portal: https://unifiedportal-mem.epfindia.gov.in/memberinterface/
Click on the ‘Activate UAN’ link. Enter your UAN number, Aadhaar number, date of birth, and mobile number linked to Aadhaar. Check that your mobile number is linked to Aadhaar.
Agree to Aadhaar OTP verification
Click on ‘Get Authorization PIN’ and enter the OTP received on your Aadhaar-linked mobile number. After the activation is complete, the password will be sent to your registered number.
Employer
The employer or company has to ensure that all its employees have completed the process of activating UAN and linking Aadhaar by 30 November 2024. So that, they can take advantage of ELI scheme.
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