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The new deadline is December 15, 2024, revised from the earlier date of November 30, 2024, says EPFO in its post on X.
Introduced in the Union Budget 2024, the ELI scheme has three components aimed at encouraging formal employment and easing the financial burden on employers.
The Employees’ Provident Fund Organisation (EPFO) has extended the deadline for activating the Universal Account Number (UAN) and seeding Aadhaar-linked bank accounts under the Employment Linked Incentive (ELI) scheme. The new deadline is December 15, 2024, revised from the earlier date of November 30, 2024. The announcement, made via an official circular and an X post on December 4, urges employers to complete the process, especially for employees hired during the current financial year.
“Dear Employers, the date of UAN activation and Aadhaar seeding of Bank Account has been extended till 15th December. Ensure to do the same for all employees who have joined in the current financial year, starting with the latest joinees, to avail the benefit of the Employment Linked Incentive scheme,” the EPFO said in a post on X.
Dear Employers,The date of UAN activation and Aadhaar seeding of Bank Account has been extended till 15th December.Ensure to do the same for all employees who have joined in the current financial year, starting with the latest joinees, to avail the benefit of the Employment… pic.twitter.com/u0Sob5Qujf— EPFO (@socialepfo) December 4, 2024
What is the ELI Scheme?
Introduced in the Union Budget 2024, the ELI scheme has three components aimed at encouraging formal employment and easing the financial burden on employers.
Scheme A: First-time employees in the formal sector can receive one month’s salary (up to Rs 15,000) in three installments via Direct Benefit Transfer (DBT). Employees earning up to Rs 1 lakh per month are eligible.
Scheme B: To promote manufacturing jobs, both employees’ and employers’ EPFO contributions are subsidized for the first four years of new employment.
Scheme C: Employers are reimbursed up to Rs 3,000 per month for two years for each new employee earning up to Rs 1 lakh per month, encouraging hiring across all sectors.
Impact of the Deadline Extension
The extension offers employers and employees more time to comply with eligibility requirements, enabling them to benefit from this ambitious initiative. The scheme is projected to create over 2 crore jobs nationwide within two years, significantly improving employment opportunities and driving economic growth.
By focusing on formalising employment and incentivising hiring, the ELI scheme is a key pillar of the government’s strategy to support livelihoods and foster economic development.
