The Employee Provident Fund Organization (EPFO) has extended the deadline for linking Universal Account Number (UAN) with the Employment Linked Incentive (ELI) Scheme to 15 December 2024, from the previous deadline of 30 November 2024.
Additionally, the deadline for linking Aadhaar with the bank account has also been extended to 15 December 2024. EPFO shared this update through a social media post.
In a post on the social media platform X, EPFO informed employers that the deadline for activating Universal Account Number (UAN) and linking Aadhaar with the bank account has been extended to 15 December 2024.
EPFO also mentioned that employees who have recently joined or those who joined in the current financial year must ensure their bank account Aadhaar seeding is completed along with UAN activation to benefit from the Employment Linked Incentive Scheme.
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
The extension for activating UAN for newly joined employees was expected, as the government has not yet announced details of the Employment Linked Incentive Scheme.
In its post, EPFO urged employers to complete this process promptly to avoid a last-minute rush and ensure eligibility for the Employment Linked Incentive Scheme.
What is Employment Linked Incentive Scheme
To promote employment, the government has introduced the Employment Linked Incentive Scheme, which will offer incentives to both employers and employees.
The goal of the scheme is to create 2 crore jobs within two years. It was announced in the budget for the financial year 2024-25.
The scheme will allocate Rs 2 lakh crore over 5 years to provide employment and skill development for 4.1 crore youth.
Incentives will be transferred directly to the beneficiaries’ bank accounts through Direct Benefit Transfer, but this will only happen if the bank account is linked to Aadhaar.
Under Scheme A of the Employment Linked Incentive, employees registered with EPFO who are starting their first job in the organized sector will receive Rs 15,000 (one month’s basic salary) in three installments.
Scheme B aims to boost employment in the manufacturing sector. This scheme provides incentives to both employees and employers.
Employers will receive incentives for hiring first-time employees, and employees earning up to Rs 1 lakh will benefit from this scheme.
Scheme C offers employers Rs 3,000 per month for EPFO contributions for each additional employee with a salary of up to Rs 1 lakh, for a period of two years.
