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EPFO: Employees should activate their UAN by tomorrow. So that, they can avail the benefits of ELI scheme. To avail the benefits of the Employment-Linked Incentive (ELI) scheme run by the Employees’ Provident Fund Organization (EPFO), employees will have to activate their Universal Account Number (UAN). Now it is mandatory to link your bank account with Aadhaar. This process will have 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 objective of this scheme was to increase employment and encourage companies to hire new employees. The government has divided this scheme into three parts.
Plan 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 likely to provide employment to 30 lakh youth.
Scheme B: This is especially for the manufacturing sector. In this, companies will get Rs 3,000 per employee every month for new recruitments for two years. To be eligible, companies have been asked to add 50 new employees or increase their headcount by 25%.
Plan C: The scheme will provide general incentives to increase the workforce in various industries. Not much is known about it and it will be developed further.
Why is it necessary to activate and link UAN?
EPFO said in a notification on November 22, 2024 that every EPFO member should have a UAN linked to Aadhaar. It is necessary to activate it by logging into the portal. Through active UAN, employees can view PF passbook, apply online claim. You can update personal information and track claim status. To avail the benefits of 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.
UAN activation process
Visit EPFO member portal: https://unifiedportal-mem.epfindia.gov.in/memberinterface/
Click on ‘Activate UAN’ link. Enter your UAN number, Aadhaar number, date of birth and mobile number linked to Aadhaar. Check whether your mobile number is linked to Aadhaar or not.
Agree to Aadhaar OTP verification
Click on ‘Get Authorization PIN’ and enter the OTP received on the mobile number linked to your Aadhaar. After completion of activation, the password will be sent to your registered number.
employer
The employer or company must ensure that all its 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.