The Employees’ Provident Fund Organization (EPFO) has announced an additional relief measure for its account holders. The deadline for activating the Universal Account Number (UAN) and linking it with Aadhaar has been extended once more. Employees can now complete this process by January 15, 2025, an extension from the previous deadline of December 15, 2024.
Why is UAN and Aadhaar linking essential?
For employees of the EPFO seeking to benefit from the Employment Linked Incentive (ELI) scheme, it is crucial to activate their Universal Account Number (UAN) and link their bank accounts with Aadhaar. This linking is facilitated through Direct Benefit Transfer (DBT), allowing eligible employees to receive their benefits directly in their bank accounts.
What is the ELI Scheme?
The ELI (Employment Linked Incentive) scheme is designed to stimulate job creation and provide financial support to employees. It was introduced by Union Finance Minister Nirmala Sitharaman during the budget announcement in July 2024.
Three Categories of the ELI Scheme
Scheme A: Focuses on new employees enrolling in EPF for the first time.
Scheme B: Encourages job creation within the manufacturing sector.
Scheme C: Offers incentives to employers.
Advantage of the new deadline
The EPFO has previously extended the deadline for UAN activation and Aadhaar linking from November 30, 2024, to December 15, 2024, and has now further extended it to January 15, 2025. This extension provides significant relief to employees who have yet to complete this requirement.
Complete the process before the final date
To take advantage of the benefits under the ELI scheme, it is essential to finalize the UAN activation and Aadhaar linking before the deadline. The scheme aims to foster job creation and ensure financial security for employees.
