Latest news with #EmploymentLinkedIncentive
Mint
3 days ago
- Business
- Mint
Deadline alert! Link aadhaar to bank account before June 30: EPFO to beneficiaries of ELI scheme
The Employees Provident Fund Organisation (EPFO) has once again extended the deadline for UAN (Universal Account Number) activation and seeding of bank accounts with aadhaar for those subscribers who want to avail the benefits under ELI scheme. 'The competent authority has granted an extension of timeline for UAN activation and aadhaar seeding in bank Account till June 30, 2025,' reads the circular. It is noteworthy to mention that these deadlines have been extended several times in the past. The first circular was issued on November 22, 2024 and the deadline was November 30, 2024. 'Since, the benefits under ELI Scheme, will be disbursed through DBT to eligible employees, Employers are urged to ensure UAN activation and AADHAAR seeding in Bank Account in respect of all their employees who have joined in the current financial year, starting with the latest joinees. The concerned EPFO offices may kindly be contacted for necessary guidance in this matter, if required,' the circular dated Nov 22, 2024 had stated. Later, the deadline of November 30 witnessed several extensions through follow up circulars which were issued on Dec 4, Dec 12, Feb 6, Feb 21 and March 3. Finally the latest circular was issued on May 30, 2025 which extended the deadline to June 30. This is Employment Linked Incentive scheme which was announced in Budget 2024-25 – and to make sure that all eligible employees can avail it, it was made mandatory to activate UAN and seed aadhaar in the bank account of each employee. The ELI scheme was launched for two sets of employees: Scheme A (first timers) and Scheme B (job creation in manufacturing). The subsidy is meant to assist employees and employers in hiring first timers. It (scheme A) is applicable to all persons newly entering the workforce (EPFO) who have less than ₹ 1 lakh per month salary. The subsidy is paid to the employees in three instalments. The directions of seeding aadhaar in bank accounts were issued in the light of directions given by the Ministry of Labour & Employment to ensure that all eligible employees can avail the Employment Linked Incentive (ELI) Scheme announced in Union Budget 2024-25. For all personal finance updates, visit here.
India Today
6 days ago
- Business
- India Today
EPFO extends UAN-Aadhaar linking deadline for ELI scheme to June 30. Check steps
If you haven't activated your UAN yet, here's some relief. The Employee Provident Fund Organisation (EPFO) has extended the last date once again for UAN activation and Aadhaar seeding with your bank account. This is important if you want to claim the benefits of the ELI THE NEW DEADLINE?As per a recent circular issued by the EPFO, the new last date to activate your UAN and link your Aadhaar-linked bank account is June 30, 2025. This deadline has already been pushed back several times, giving employees extra time to complete the extension applies to employees wishing to benefit from the Employment Linked Incentive (ELI) IS UAN, AND WHY IS IT IMPORTANT? The Universal Account Number is a 12-digit number assigned by the EPFO to each salaried employee, enabling them to manage their provident fund accounts across different employers. With your UAN, you can manage your PF money easily, no matter how many times you change activated, your UAN allows you to check your PF balance, download your passbook, file claims for withdrawal or transfer, and update personal details – all activation is crucial as it allows employees to access various online EPFO services, including managing PF accounts, submitting claims, and real-time TO ACTIVATE UANTo activate UAN, employees must use an Aadhaar-based One-Time Password (OTP). The process is simple: visit the EPFO Member Portal, click on "Activate UAN" under "Important Links," input the necessary details, and verify via Aadhaar successful activation, a password is sent to the registered mobile SCHEME BENEFITSThe Employment Linked Incentive (ELI) scheme was introduced in the Union Budget 2024 by Finance Minister Nirmala Sitharaman. Under this scheme, eligible employees can receive monetary benefits, but only if they have an active UAN and a bank account linked to are three types of ELI schemes – A, B, and C – and all of them require UAN activation and Aadhaar seeding for employees to get money. Without this, you could miss out on the financial must be pointed out that this initiative is part of the government's broader strategy to enhance transparency and efficiency in managing employee benefits through Watch
