In a recent update, The Employees’ Provident Fund Organisation (EPFO) has provided relief to both employees and companies by extending the deadline for linking the Universal Account Number (UAN) and bank account with Aadhaar. Employees and companies now have until February 15 to complete the linking process.
By doing this, employees can take advantage of EPFO’s Employee Linked Incentive Scheme (ELI). Employers and companies directly benefit more than employees from the ELI scheme. The Ministry of Labour and Employment confirmed this extension in a circular dated February 2, 2025.
The EPFO has urged all eligible members to complete the linking process by the new deadline. They have emphasized that failure to comply will result in the loss of benefits under the ELI scheme. Linking Aadhaar and the bank account is essential to avail the advantages of this scheme. With only 9 days left, employees, employers, and companies need to act quickly.
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The Employees Provident Fund Organization (EPFO) has also directed all employers to activate the Universal Account Number (UAN) for their employees and ensure the linking of their bank accounts with Aadhaar. This step is mandatory to access the Employment-Linked Incentive (ELI) scheme. Employers have been advised to update the details of all new employees, starting with the most recent hires.
To Receive Benefits, Employees Should:
- Activated UAN
- An Aadhaar-seeded bank account
Activating UAN allows employees to:
- Withdraw EPF funds online
- Check EPF balance
- Update contact details
Objective Of ELI Scheme
The ELI scheme was introduced by Finance Minister Nirmala Sitharaman in the Union Budget 2024. Its primary objective is to boost employment and encourage companies to hire new employees. The scheme is divided into three parts:
Scheme A: Companies will receive a ₹15,000 subsidy for hiring new graduates, which will be paid in three installments.
Scheme B: A special initiative for the manufacturing sector, where companies will receive ₹3,000 per employee per month for two years for each new hire.
Scheme C: General incentives aimed at increasing the workforce across various industries. However, the exact details of how Scheme C will function are still unclear.
