EPFO: EPFO has given relief to the employed and companies. Employee Provident Fund Organization has extended the deadline to link Universal Account Number (UAN) and bank account with Aadhaar. Employees and companies can link UAN and bank account with Aadhaar till 15 February
EPFO: EPFO has given relief to the employed and companies. Employee Provident Fund Organization has extended the deadline to link Universal Account Number (UAN) and bank account with Aadhaar. Employees and companies can link UAN and bank account with Aadhaar till 15 February. By doing this, one can take advantage of EPFO’s Employee Linked Incentive Scheme (ELI). Employers and companies directly benefit from the ELI scheme more than employees.
EPFO extended the date till 15 February
EPFO has appealed to all eligible members to complete this process by the new deadline i.e. 15 February. So that there is no hindrance in taking advantage of the scheme. Linking Aadhaar and bank account is necessary to take advantage under this scheme. That is, employees, employers and companies have only 9 days time.
EPFO issued instructions
The Employees Provident Fund Organization (EPFO) has instructed all employers to activate the Universal Account Number (UAN) of their employees and link the bank account with Aadhaar. This process is mandatory to take advantage of the Employment-Linked Incentive (ELI) scheme. Employers have been advised to update the information of all, starting with their new employees.
Objective of ELI scheme
The ELI scheme was launched by Finance Minister Nirmala Sitharaman in the Union Budget 2024. Its aim is to increase employment and encourage companies to hire new employees. This scheme is divided into three parts.
- Scheme A: Companies will get a subsidy of Rs 15,000 on hiring new graduates, which will be given in three installments.
- Scheme B: A special scheme for the manufacturing sector, under which companies will get Rs 3,000 per employee per month for two years on new recruitments.
- Scheme C: General incentives will be given to increase the workforce in different industries. However, it is not yet clear how Scheme C will work.
UAN activation process
- Visit the EPFO portal: https://unifiedportal-mem.epfindia.gov.in/memberinterface/
- Click on ‘Activate UAN’ and enter UAN number, Aadhaar number, date of birth and mobile number linked to Aadhaar.
- Verify through OTP and generate password.
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