Missed EPFO deadline to activate UAN for ELI benefits? You may get another chance to apply as govt is yet to announce details If you are an EPF member and are eligible for ELI benefit but missed the deadline, then you may wonder if you will get another chance. ET Wealth online asked experts if EPF members will get another chance to claim benefits
The Employees' Provident Fund Organisation (EPFO) via its circular asked the employees to activate their Universal Account Number (UAN) and Aadhaar seeding of the bank account. The activation and linking was to be done by November 30, 2024, so employees could get the direct benefit transfer (DBT)of the Employment Linked Incentive (ELI) scheme directly into their bank account. However, some employees would have missed the deadline to activate and link their UAN by November 30, 2024. ET Wealth spoke to the experts about what these employees can do now to get ELI benefits.#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;}
What is EPFO's Employment Linked Incentive (ELI) Scheme?
The Government introduced three ELI schemes (A, B, and C) during the Union Budget 2024, which is proposed to be disbursed by Direct Benefit Transfer. According to the Finance Minister's Budget 2024 speech, Scheme A will focus on first-timers joining the employment and Employees' Provident Fund (EPF) scheme as well, Scheme B focuses on job-creation in manufacturing and Scheme C will focus on the support to the employers.Scheme A of the ELI scheme will provide a one month wage to all the people 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 up to Rs 1 lakh per month.
Scheme B of the ELI scheme will incentivize additional employment in the manufacturing sector, linked to the employment of first-time employees. An incentive will be provided at 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 of the ELI scheme is an employer-focused scheme that will cover additional employment in all sectors. All additional employment within a salary of Rs1 lakh per month will be counted. The government will reimburse employers up to Rs 3,000 per month for 2 years towards their EPFO contribution for each additional employee.
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What employees can do now to avail ELI scheme benefit
Puneet Gupta, Partner, People Advisory Services, EY India: The government is yet to notify the rules and effective date for implementation of ELI Scheme. Hence, the circular talking about the last date to activate UAN and Aadhaar seeding of the bank account seems to be preparation towards implementation of these schemes. The employees who have missed the November 30, 2024 deadline for activation of UAN and Aadhaar seeding of the bank account may get a chance to claim the benefits if eligible under the ELI scheme rules, as notified by the Government.Divya Baweja, Partner, Deloitte India: To avail ELI benefits, EPF subscriber's Aadhaar was to be linked to UAN and bank account linked with Aadhaar by November 30, 2024. Without meeting this requirement by the said timeline, it appears that the ELI benefit may not be available to the employer and in respect of the employees who joined from 1st April till 30th November. Given that the details of the ELI schemes are yet to be formalised, and the ELI online portal is yet to be setup, whether there will be any relaxation with regards to UAN activation and Aadhaar linking timelines for availing the benefit of ELI is yet to be seen."
Dorothy Thomas, Partner, Shardul Amarchand Mangaldas & Co.: Usually, deadlines for such schemes are extended, so employees can keep an eye out for potential extensions and ensure compliance within the revised timeframe.
The absence of a government notification for the ELI Schemes does not necessarily invalidate its implementation but may impact its clarity, enforcement, and legal standing and the circular holds significant administrative value, even if the ELI Schemes have not been formally notified yet. The circular plays a preparatory role for the implementation of the ELI Schemes and facilitates pre-implementation readiness by addressing administrative prerequisites like data collection and verification. By guiding stakeholders on aligning with future requirements, the circular ensures smoother rollout once formal notifications are issued.
What the EPFO circular said on UAN activation for ELI Scheme
According to the EPFO circular on November 22, 2024, every subscriber of the EPFO is required to have an Aadhaar-linked UAN. This needs to be activated on the Member Sewa portal by creating a login. Further, to avail 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.Since the benefits under the ELI Scheme will be disbursed through 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.
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This story originally appeared on: India Times - Author:Faqs of Insurances
