The Central Government launched the ‘Employment Linked Incentive’ scheme for job seekers in Budget 2024. Under this scheme, the government was going to provide three categories of benefits to the employees enrolled in EPFO for the first time. To avail the benefits of Employment Linked Incentive Scheme, the Central Government also imposed some conditions, one of which was that employed people will have to activate their UAN by 30th November.
Also, those who have done so will have to link Aadhar card with their bank account. They do not need to take tension and those who have not done this work, how will they benefit from this scheme. We are giving its details here.
What is ELI scheme and how much will you benefit?
The ELI scheme was announced in Budget 2024. For this, employees should be registered with EPFO and their UAN should be active. The ELI scheme has been launched in categories (A, B and C), in which direct transfer of benefits through DBT will be available.
According to the Finance Minister’s Budget 2024 speech, Scheme A will focus on first-time entrants and the Employee Provident Fund (EPF) scheme, Scheme B will be for those working in the manufacturing sector and Scheme C will be to provide support to employers. .
How much benefit will be available in ELI scheme?
Under Scheme A of the Employment Linked Incentive Scheme, employees who are employed for the first time will get one month’s salary as incentive. This amount can be divided into three installments with a maximum of Rs. Will be 15000. To avail the benefit of this scheme, your salary should be less than Rs 1 lakh per month.
Whereas in Plan B, people working in the manufacturing sector will get incentive for 4 years on the amount contributed to EPFO. While Plan C is Rs. The focus will be on additional employees with monthly salaries up to Rs 1 lakh. EPFO contribution amount up to Rs 3,000 will be refunded by the government.
What will happen if UAN is not activated by 30th?
If you have not activated UAN by 30th November and have not linked your Aadhar card with the bank, then do not panic. According to a report in Economic Times, experts say that the ELI portal has not been created yet. Also, no guidelines have been made by the government regarding the Employment Linked Incentive Scheme. In this case, you are not too late.
