EPFO: If employees want to take advantage of the government scheme ELI, then complete this work by March 15. The government has once again extended the deadline to enroll in the scheme. Know what is ELI scheme and how employees will benefit
EPFO : If employees want to take advantage of the government scheme ELI, then they must complete this work by March 15. The Employees Provident Fund Organization (EPFO) has once again extended the deadline to activate the Universal Account Number (UAN) to avail the benefits under the Employment Linked Incentive (ELI) scheme. Now the last date for linking UAN with Aadhaar is March 15. Earlier also the government has extended the deadline of the scheme. EPFO has appealed to all eligible members to complete this process on time. This government scheme benefits the company, employer and employee. This scheme is a plan to save the employees from the future and the shortage of pension and money after retirement.
EPFO issued rules for ELI scheme
The Employees’ Provident Fund Organization (EPFO) has directed all employers to activate the Universal Account Number (UAN) of their employees and link their bank accounts with Aadhaar. This process is mandatory to avail the Employment-Linked Incentive (ELI) scheme. Employers have been advised to update the information of all their employees, starting with their new employees, so that the benefits of the scheme can be availed on time. Employees can also do the work of activating UAN and linking it with Aadhaar themselves.
Why is ELI scheme necessary?
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 hiring fresh graduates will get a subsidy of Rs 15,000, which will be given in three instalments.
- Scheme B: This is 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: Incentives will be given to increase the workforce in different industries. However, the rules for this scheme are yet to be issued by the government.
Why is it important to activate and link UAN?
EPFO has stated that UAN of all members should be linked and active with Aadhaar. This allows the employee to view the PF passbook, make online claims and update their details. Apart from this, Aadhaar linking is necessary to receive the benefits of any government scheme directly into the bank account.
How to activate UAN
- 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 with Aadhaar.
- Verify via OTP and generate password.
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