The Employees’ Provident Fund Organization (EPFO) has extended the deadline for activating Universal Account Number (UAN) and seeding Aadhaar-linked bank accounts under the Employment Linked Incentive (ELI) scheme. The new deadline is December 15, 2024, revised from the earlier date of November 30, 2024. An official circular dated December 4 and an announcement made by X Post, urges employers to complete the process, especially for employees currently recruited. financial year.
“Dear Employers, The date for Aadhaar seeding of UAN activation and bank account has been extended to 15th December. To avail the benefits of the Employment Linked Incentive Scheme, ensure to do the same for all employees joining in the current financial year, starting with the latest joiners,” EPFO said in a post on X.
Dear Employers, The date of Aadhaar seeding of UAN activation and bank account has been extended to 15th December. To avail the benefit, make sure to do the same for all employees starting from the latest joiners in the current financial year. Employment… pic.twitter.com/u0Sob5Qujf— EPFO (@socialepfo) December 4, 2024
What is ELI scheme?
Introduced in the Union Budget 2024, the ELI scheme has three components aimed at encouraging formal employment and easing the financial burden on employers.
Scheme A: First-time employees in the formal sector can get one month’s salary (up to Rs. 15,000) in three installments through Direct Benefit Transfer (DBT). Employees earning up to Rs 1 lakh per month are eligible.
Scheme B: To promote manufacturing jobs, EPFO contributions of both employees and employers are subsidized for the first four years of new employment.
Scheme C: Employers are entitled to Rs. For every new employee earning up to 1 lakh Rs. per month for two years. 3,000 is reimbursed, encouraging recruitment in all sectors.
Effect of extension of time limit
The extension gives employers and employees more time to comply with eligibility requirements, enabling them to take advantage of this ambitious initiative. The scheme is estimated to create more than 2 crore jobs across the country in two years, significantly improving employment opportunities and driving economic growth.
Focusing on formalizing employment and promoting recruitment, the ELI scheme is a key pillar of the government’s strategy to support livelihoods and promote economic growth.