EPFO: The deadline to activate the Universal Account Number (UAN) to avail benefits under the Employment Linked Incentive (ELI) Scheme of the Employees Provident Fund Organization (EPFO) is 15 January 205. That means, 5 days are left to complete this work. Earlier this deadline was 30 November 2024, which was extended till 15 December 2024 and now it has been extended once again by one month. This process is mandatory to avail the benefits of Employment Linked Incentive (ELI) scheme of EPFO.
UAN and Aadhaar link necessary for ELI scheme
The ELI scheme was announced by Finance Minister Nirmala Sitharaman in the July 2024 Union Budget. It contains three options A, B, and C. Under this, employees wishing to avail financial benefits are required to activate their UAN and link Aadhaar with their bank account. This process of EPFO has been made mandatory. So that eligible employees can easily get the benefits of the scheme.
Objective of ELI Scheme
The ELI scheme was launched by Finance Minister Nirmala Sitharaman in the Union Budget 2024. Its objective is to increase employment and encourage companies to recruit new employees. This scheme is divided into three parts.
Plan A: Companies will get a subsidy of ₹15,000 on hiring new graduates, which will be given in three installments.
Plan B: There is a special scheme for the manufacturing sector, in which companies on new recruitment will get ₹ 3,000 per employee monthly for two years.
Plan C: General incentives will be given to increase the workforce in various industries.
Why is it important to activate and link UAN?
EPFO has said that the UAN of all members should be linked to Aadhaar and active. It allows the employee to view PF passbook, make online claim and update his/her information. Apart from this, Aadhaar link is necessary to get the benefits of any government scheme directly in the bank account.
UAN Activation Process
Visit EPFO portal: https://unifiedportal-mem.epfindia.gov.in/memberinterface/
Click on ‘Activate UAN’ and enter UAN number, Aadhaar number, date of birth and mobile number linked to Aadhaar.
Verify through OTP and generate password.
Last date and benefits
Employers must ensure that all employees complete this process by January 15, 2024, to avail the benefits of the ELI scheme.