EPFO : There is relief news for employees and companies. To take advantage of the ELI scheme, the Employees’ Provident Fund Organization (EPFO) has extended the deadline to activate the Universal Account Number (UAN).
Earlier this deadline was 30 November 2024, which has been extended to 15 December 2024. Employees and companies have got 10 more days to link the UAN of their employees and do Aadhaar-seeding. EPFO announced this change on 4 December 2024. This information has been given through social media platform.
EPFO gave instructions
EPFO has asked all employers to activate UAN for employees joining in the current financial year and link bank accounts with Aadhaar. This step is necessary to avail the benefits of Employment Linked Incentive Scheme (ELI). Employers have been appealed to update the information of all employees starting with new employees so that the benefits of this scheme can be availed on time. For this, it is mandatory to link your bank account with Aadhaar.
What is ELI scheme?
In the Union Budget 2024, Finance Minister Nirmala Sitharaman launched the Employment-Linked Incentive (ELI) scheme. The scheme was aimed at increasing employment and encouraging companies to hire new employees. The government has divided this scheme into three parts.
Scheme A: Under this scheme, companies will get a subsidy of ₹15,000 on hiring new graduates, which will be given in three installments. This is expected to provide employment to 30 lakh youth.
Scheme B: This is specifically for the manufacturing sector. Under this, companies will get Rs 3,000 per employee per month for two years on new recruitments. For eligibility, companies have to add 50 new employees or increase their workforce by 25%.
Scheme C: This scheme will provide general incentives to increase the workforce in different industries. Not much is known about it and it will be developed further.
Why is it important to activate and link UAN?
EPFO said in a notification on 22 November 2024 that every EPFO member should have an Aadhaar-linked UAN. It is necessary to activate it by logging in to the portal. Through an active UAN, employees can view PF passbook, apply for online claim, update personal information and track claim status. To avail any Direct Benefit Transfer (DBT) scheme, it is necessary to link the beneficiary’s bank account with Aadhaar, so that the benefits can be deposited directly into the bank account.
Process to activate UAN
- Visit the EPFO member portal: https://unifiedportal-mem.epfindia.gov.in/memberinterface/
- Click on the ‘Activate UAN’ link. Enter your UAN number, Aadhaar number, date of birth, and mobile number linked with Aadhaar. Check that your mobile number is linked with Aadhaar.
- Give consent for Aadhaar OTP verification
- Click on ‘Get Authorization PIN’ and receive the PIN on your Aadhaar-linked mobile number
- Enter the OTP. Password will be sent to your registered number after activation is complete.
Employers or companies have to ensure that all their employees have completed the process of activating UAN and linking it with Aadhaar by 15 December 2024. So that they can avail the benefits of the ELI scheme.
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