Image Source : X/@SOCIALEPFO There are three major schemes under the ELI Scheme.
EPFO users alert: There is a major update related to the activation of the Universal Account Number (UAN) and linking of your bank account. The Employees’ Provident Fund Organisation (EPFO) has stated that the last date to do so is February 15, 2025. It is very important to note that UAN activation and linking of bank accounts with Aadhaar is necessary to avail of benefits under the EPFO’s Employment Linked Incentive (ELI) Scheme.
What is the ELI Scheme?
The Employment Linked Incentive Scheme or ELI Scheme was announced by the government in the Union Budget 2024-25 with the aim of incentivising job creation, promoting formalisation in the job market, and improving employability. Broadly, there are three schemes under this –
Scheme A: This targets first-time employees in the formal sector registered with EPFO. Under this, a one-month wage (up to Rs 15,000) in three instalments will be provided to such people.
Scheme B: This incentivises job creation in the manufacturing sector. The scheme incentivises both employees and employers for the additional employment of first-time employees by reimbursing their EPFO contributions during the first four years of employment.
Scheme C: Providing support to employers by reimbursing up to Rs 3,000 per month for two years towards their EPFO contribution for each additional employee above the threshold.
What is UAN?
A Universal Account Number (UAN) is a 12-digit number that identifies an employee’s Provident Fund (PF) account.
How to activate UAN?
Activating UAN is quite easy and can be done by following these easy steps –
Step 1: Visit EPFO member portal or click www.epfindia.gov.in.
Step 2: Select ‘Our Services’ and click on ‘For employees’.
Step 3: Click on ‘Member UAN/Online Services’.
Step 4: Click on the ‘Activate UAN’ link under ‘Important Links’ on the right-hand side.
Step 5: Enter basic details like UAN, Aadhaar number, name, DOB, and Aadhaar-linked mobile number.
Step 6: Click ‘Get Authorization PIN’ to receive an OTP on your Aadhaar-linked mobile number.
Step 7: Click on ‘I Agree’ and enter the OTP.
Step 8: Finally, click on ‘Validate OTP and Activate UAN’
