ELI scheme: From August 1, the government will implement the Employment Linked Incentive Scheme (ELI). Under this, the government will give an incentive of Rs 15,000 for the first job in the organized sector.
At the same time, companies providing jobs will also get incentives for every new job. On all the details related to the scheme, Central PF Commissioner Ramesh Krishnamurthy said that under this scheme, incentives will be given on the first job. The first installment will be given on completion of 6 months of employment. The second installment will be given on completion of 12 months of employment. Those earning up to Rs 1 lakh per month will be eligible for this scheme. For this, one will have to take a financial literacy test.
Under this scheme, only those with a maximum salary of Rs 1 lakh will get the benefit of this scheme. However, it is not yet clear whether Rs 1 lakh will be considered as CTC or net salary.
Talking about the benefits that companies get under this, the company will get an incentive of up to Rs 3,000 per month for every new employee. Companies will get incentives for 2 years. It is clear in the rules of the ELI scheme that the employee will have to work for at least 6 months. Only after that will the first installment of Rs 15,000 be given. Now if you get a job offer before getting the second installment, then there is a high possibility that you may lose the benefit of the second installment.
According to the rule, the money received in the 12th month will be for your first job. If you join another job, technically you will not be able to fulfill the eligibility criteria. In such a situation, it is possible that you will get only 50 percent of 15000. Yes, if you complete one year in your first company, you will get the full amount.
Experts believe that this scheme is an important step towards stability in employment and expansion of employment in the organized sector. If implemented properly, it can become a powerful medium for long-term employment generation in India.
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