EPFO News Update: The Employee Provident Fund Organization (EPFO) has extended the deadline for linking the Universal Account Number (UAN) with the Employment Linked Incentive (ELI) Scheme to December 15, 2024, from the earlier deadline of November 30, 2024. Additionally, the deadline for linking Aadhaar with bank accounts has also been extended to December 15, 2024. EPFO announced this update through a social media post.
Addressing employers on the social media platform X, EPFO stated that the deadlines for UAN activation and Aadhaar seeding of bank accounts have been extended to December 15, 2024. EPFO emphasized that to avail of the benefits under the Employment Linked Incentive Scheme, both newly joined employees and those who have joined in the current financial year must complete Aadhaar seeding of their bank accounts and activate their UAN by the new deadline.
Deadline Extension for UAN Activation
The extension for activating UAN for recently joined employees was anticipated, as the government has yet to release detailed guidelines for the Employment Linked Incentive (ELI) Scheme. EPFO has urged employers to complete the necessary procedures promptly to avoid a last-minute rush when availing of the scheme benefits.
What is the Employment Linked Incentive Scheme?
The Employment Linked Incentive (ELI) Scheme was introduced by the government to encourage job creation. The scheme aims to generate 2 crore jobs over the next two years. It was announced as part of the budget for the financial year 2024-25 and allocates ₹2 lakh crore over five years to provide employment and skill development for 4.1 crore youth.
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
Direct Benefit Transfer for Aadhaar-Linked Bank Accounts
To Get benefits under the ELI Scheme, beneficiaries’ bank accounts must be linked with Aadhaar. The incentives will be transferred directly to their bank accounts through Direct Benefit Transfer (DBT).
Details of Employment Linked Incentive Schemes
Scheme A:
Employees who are registered with EPFO and are employed for the first time in the organized sector will receive ₹15,000, equivalent to one month’s basic salary, in three instalments.
Scheme B:
This scheme aims to boost employment opportunities in the manufacturing sector, offering incentives to both employees and employers. Employees earning up to ₹1 lakh will be eligible for benefits.
Scheme C:
Employers will receive ₹3,000 per month for the EPFO contribution of each additional employee whose salary is up to ₹1 lakh, for two years.
Government’s Vision for Employment Creation
The ELI Scheme is a cornerstone of the government’s initiative to boost job creation and skill development, aligning with its goal of providing comprehensive economic and social security for the workforce.
