The Employees’ Provident Fund Organization (EPFO) has extended the deadline for employees to enroll in the Employment Linked Incentive (ELI) scheme. To avail of its benefits, employees must complete the necessary formalities by March 15. This government initiative aims to boost employment and provide financial security to employees.
What is the ELI Scheme?
The Employment Linked Incentive (ELI) scheme was introduced by Finance Minister Nirmala Sitharaman in the Union Budget 2024 to encourage companies to hire new employees. It offers financial incentives to both employers and employees, making job creation more attractive for businesses.
The scheme is divided into three parts. Under Scheme A, companies hiring fresh graduates will receive a ₹15,000 subsidy in three installments. Scheme B focuses on the manufacturing sector, where companies can claim ₹3,000 per employee per month for two years on new recruitments. Scheme C aims to incentivize workforce expansion in different industries, though the government is yet to release specific guidelines for this category.
Why is It Important to Activate and Link UAN?
To take advantage of the ELI scheme, employees must activate their Universal Account Number (UAN) and link it with Aadhaar and their bank account. EPFO has made this process mandatory, ensuring a smooth transfer of benefits.
Linking UAN with Aadhaar allows employees to view their PF passbook online, make claims seamlessly, and receive incentives directly in their bank accounts. It also helps in keeping employment details updated, ensuring transparency in transactions.
How to Activate Your UAN?
Follow these simple steps to activate your UAN and link it with Aadhaar:
- Set a password to complete the activation process.
- Visit the EPFO portal: Click here
- Click on ‘Activate UAN’ and enter your UAN number, Aadhaar number, date of birth, and mobile number linked with the Aadhaar.
- Verify via OTP sent to your registered mobile number.
Employers Role in the ELI Scheme
EPFO has instructed employers to ensure that their employees’ UAN is activated and linked with Aadhaar. Employers should update both new and existing employees’ details to help them avail the scheme’s benefits.
March 15 Deadline
The government has already extended the deadline before, and there’s no certainty of another extension. Employees should complete the process before March 15 to secure their financial benefits under the ELI scheme.