EPFO : Employees should activate their UAN by tomorrow. So that they can take advantage of the ELI scheme. To take advantage of the Employment-Linked Incentive (ELI) scheme run by the Employees’ Provident Fund Organization (EPFO), employees have to activate their Universal Account Number (UAN). Now it is mandatory to link your bank account with Aadhaar. This process has to be completed by 30 November 2024.
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 enter the OTP received on your Aadhaar-linked mobile number. The password will be sent to your registered number after activation is complete.
Employer
Employers or companies have to ensure that all their employees have completed the process of activating UAN and linking Aadhaar by 30 November 2024. So that they can avail the benefits of ELI scheme.
