ELI benefits from EPFO: Deadline for eligible employees to activate UAN is November 30, 2024; here’s how to do it
Activation of Universal Account Number (UAN) and seeding of Aadhaar to bank account is must for employees who wish to claim benefit of Employment Linked Incentive (ELI) scheme, which is administered through the Employees Provident Fund Organisation (EPFO). This mandatory exercise needs to be completed by November 30, 2024, if you want to get the benefits of the ELI scheme. Finance minister Nirmala Sitharaman announced this new scheme during the Union Budget 2024 in July and there are three types of ELI schemes (A, B, and C).#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} "Since the benefits under Employment-Linked Incentive (ELI) scheme, will be disbursed through Direct Benefit Transfer (DBT) to eligible employees, Employers are urged to ensure UAN activation and Aadhaar seeding in Bank Account by 30th November 2024 in respect of all their employees who have joined in the current financial year, starting with the latest joinees,” the Ministry of Labour and Employment said in an EPFO in a circular dated November 22, 2024.
UAN activation needed for ELI scheme
EPFO also stated in its circular that to get the benefits of the ELI scheme, employees need to activate their UAN and seed Aadhaar in their bank accounts.“Every subscriber of EPFO is required to have an Aadhaar-linkediversal Account Number (UAN), which needs to be activated by creating login on the Member Portal, for availing a number of facilities through a single window. Such facilities include the ability to view and download PF passbooks; submit online claims for withdrawals, advances, or transfers; update personal details and track the status of claims in real time. The activation process is straightforward and can be completed using an Aadhaar based OTP,” EPFO said in the circular.
EPFO also said in the circular that employees eligible for ELI scheme must seed Aadhaar with their bank accounts so that they get the benefits of the scheme. “For availing the benefits of any Direct Benefit Transfer (DBT) Scheme, the bank account number of the beneficiary is required to be seeded with Aadhaar so as to credit the benefits directly into the beneficiary’s bank account,” EPFO said in the circular.
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How to activate your UAN to get ELI benefits
According to the EPFO circular, here’s a step-by-step guide on how to activate UAN on the EPFO portal:Step 1: Go to the EPFO member portal- https://unifiedportal-mem.epfindia.gov.in/memberinterface/
Step 2: Click on the ‘Activate UAN’ link under the ‘Important Links’ section.
Step 2 for activating UANSource: EPFO website as of November 25, 2024Step 3: A new webpage will open, and here you need to enter your UAN number, Aadhaar number, date of birth and Aadhaar linked mobile number. Employees should ensure their mobile number is linked to Aadhaar to access the full range of EPFO’s digital services. After entering the details, agree to Aadhaar OTP verification.
Step 3 for Aadhar OTP verification Source: EPFO websiteStep 4: Click on ‘Get Authorization PIN’ to receive an OTP on your Aadhaar-linked mobile number. Enter the OTP to complete the activation. A password will be sent to your registered mobile number upon successful activation.
Salient features of ELI scheme
ELI is a scheme announced in the Union Budget 2024 in July, and there are three types of schemes. This was announced by Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman, while presenting the Union Budget for FY 2024-25 in Parliament. The three schemes to be implemented are as below:Scheme A: First-time employees
This scheme will provide a one-month wage to all persons newly entering the workforce in all formal sectors. The direct benefit transfer of one-month salary in 3 instalments to first-time employees, as registered in the EPFO, will be up to Rs 15,000. The eligibility limit will be a salary of Rs 1 lakh per month.
Scheme B: Job creation in manufacturing
This scheme will incentivize additional employment in the manufacturing sector, linked to the employment of first-time employees. An incentive will be provided at a specified scale directly both to the employee and the employer with respect to their EPFO contribution in the first 4 years of employment.
Scheme C: Support to employers
This employer-focused scheme will cover additional employment in all sectors. All additional employment within a salary of Rs 1 lakh per month will be considered under this scheme. The government will reimburse employers up to Rs 3,000 per month for 2 years towards their EPFO contribution for each additional employee.
aksham Malik, Founder, Rabbit Invest said: "There's two core things for Employees, firstly for the new employees getting a salary of less than Rs 1 lakh a month, the government will give a DBT contribution of up to Rs 15,000 in 3 installments for the first month's salary. This is to encourage EPFO adoption for new employees. While the other part is unclear in terms of numbers still, but it is meant for the employees in the manufacturing sector, and the benefits will accrue for up to 4 years as a DBT. Idea at its core remains to increase the adoption of EPFO services for Employers and Employees, and incentivising employees to increase contributions."
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This story originally appeared on: India Times - Author:Faqs of Insurances
