EPFO: EPFO has given relief to employee and companies. Employee Provident Fund Organization has extended the deadline for linking the Universal Account Number (UAN) and bank account to Aadhaar. Employees and company can link UAN and bank account to Aadhaar by 15 February. By doing this, EPFO’s employee can take advantage of Linked Incentive Scheme (ELI). The ELI scheme has more benefits than employees and companies.
EPFO extended date till 15 February
EPFO has appealed to all eligible members to complete this process by February 15. So that there is no obstruction in availing the benefits of the scheme. Linking Aadhaar and bank account is necessary to take advantage of this scheme. That is, employees, employees and companies have only 9 days.
EPFO issued instructions
The Employees Provident Fund Organization (EPFO) has instructed all employers to activate their employees’ universal account number (UAN) and link the bank account to Aadhaar. This process is mandatory to take advantage of the Employment-Linked Promotion (ELI) scheme. Employers have been advised to update the information of all while starting with their new employees.
ELI scheme purpose
The ELI scheme was launched by Finance Minister Nirmala Sitharaman in the Union Budget 2024. It aims to increase employment and encourage companies to appoint new employees. The scheme is divided into three parts.
Plan a: Companies will get a subsidy of Rs 15,000 for appointing new graduates, which will be given in three installments.
Plan b: There is a special plan for the manufacturing sector, in which companies will get Rs 3,000 per employee for two years on new recruitments.
Plan C: Normal incentives will be given to increase workforce in different industry. However, it is not yet clear how the plan C will work.
Uan activation process
Go to EPFO portal: https://unifiedportal-mm.epfindia.gov.in/memberinterface/
Click on ‘Activate UAN’ and enter the mobile number link to UAN number, Aadhaar number, date of birth and Aadhaar.
Verification through OTP and generate passwords.
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