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). "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...