EPFO News Update: The Employee Provident Fund Organization (EPFO) has extended the deadline for linking Universal Account Activation (UAN) with the Employment Linked Incentive Scheme (ELI Scheme) to 15 December 2024, which was earlier 30 November 2024. Along with extending the date of Universal Account Activation, EPFO has also extended the date of linking Aadhaar of bank account to 15 December 2024. EPFO has given this information through social media post.
EPFO, while addressing the employers in its post on social media platform EPFO wrote, to avail the benefit of Employment Linked Incentive Scheme, those who have recently joined and those who have joined in the current financial year, ensure that the Aadhaar seeding of their bank account along with their Universal Account Number activation is done. should be completed.
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
Extension of UAN activation date for recently joined employees was already expected as the government has not yet announced the details of the Employment Linked Incentive Scheme. In its post, EPFO has asked the employers to complete this work as soon as possible so that last-minute rush to avail the Employment Linked Incentive Scheme can be avoided.
What is Employment Linked Incentive Scheme?
To promote employment, the government has come up with Employment Linked Incentive Scheme in which incentives will be given to both employers and employees. The objective of this scheme is to create 2 crore jobs in two years. The Employment Linked Incentive Scheme was announced in the budget presented for the financial year 2024-25. Under this scheme, an allocation of Rs 2 lakh crore will be spent in 5 years on providing employment to 4.1 crore youth and on their skilling. In this scheme, incentives will be given to the bank accounts of the beneficiaries through Direct Benefit Transfer and this will happen only if the bank account is linked to Aadhaar.
Under Scheme A in the Employment Linked Incentive, Rs 15,000 i.e. one month’s basic salary will be given in three installments to first-time employees in the organized sector who are registered with EPFO.
Under Scheme-B, employment opportunities in the manufacturing sector are to be increased. In this scheme, incentives will be given to both employees and employers. In this, employers will be given incentives to provide jobs to first-time employees. Under this scheme, employees with salary up to Rs 1 lakh will get benefits.
Under Scheme C, employers will be given Rs 3000 every month for EPFO contribution for each additional employee whose salary is up to Rs 1 lakh for two years.
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