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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Information and Broadcasting Minister Ashwini Vaishnav said that this big decision has been taken in the Union Cabinet meeting chaired by Prime Minister Narendra Modi. Its aim is to increase employment in different sectors, increase employment potential and promote social security. In this, special attention will be given to the manufacturing sector.

First time job holders will get incentive of Rs 15,000

This scheme will also provide incentives to first-time employees. Under this scheme, employees hired for the first time will get one month’s salary (up to Rs 15,000). At the same time, employers will be given incentives for a period of 2 years for additional employment generation. Also, the benefit for the manufacturing sector will be extended for another 2 years. The ELI scheme was announced in the Union Budget 2024-25 as part of a package of 5 schemes to facilitate employment, skill and other opportunities for 4.1 crore youth. Its total budget outlay was Rs 2 lakh crore.

Employees with salary up to Rs 1 lakh will get benefit

Out of the 3.5 crore beneficiaries under the ELI scheme, 1.92 crore will be first-timers joining the workforce. The benefits of the scheme will be applicable to jobs created between August 1, 2025 and July 31, 2027. The scheme has two parts. The first part focuses on first-time employees and the second part focuses on employers. Targeting employees registering with the EPFO ​​for the first time, one month’s salary up to Rs 15,000 will be given in two installments under the first part. Employees with a salary of up to Rs 1 lakh will be eligible. The first installment will be given after six months of service and the second installment will be given after 12 months of service and the employee completing a financial literacy program.

A part of the incentive amount will be kept in savings or deposit account

“To promote the habit of saving, a part of the incentive amount will be kept in a savings instrument or deposit account for a fixed period and employees will be able to withdraw it later. Under the first part, about 1.92 crore first-time job seekers will get the benefit,” the statement said. The second part of the scheme is linked to additional employment generation in all sectors, with a special focus on the manufacturing sector. Employers will get incentives in respect of employees with a salary of up to Rs 1 lakh.

Employers will get Rs 3000 per employee every month

The government will provide incentives of up to Rs 3,000 per month for two years to employers for each additional employee employed continuously for at least six months. For the manufacturing sector, the incentives to employers can also be extended for the third and fourth years. Under the first part of the scheme, all payments to first-time employees will be made through DBT (Direct Benefit Transfer) mode through the ‘Aadhaar Bridge Payment System’ (ABPS). Under the second part, payments to employers will be made directly into their PAN-linked accounts.

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The Ministry of Labour and Employment has directed the Employees’ Provident Fund Organisation (EPFO) to ensure that the Universal Account Number (UAN) of employees is valid to avail the benefits of the Employment Linked Incentive (ELI) scheme. As per the Union Budget 2024-2025, all eligible employees will have to activate their UAN and link their Aadhaar with their bank accounts to avail the ELI scheme.

For employees to avail various services like viewing and downloading PF passbook, filing claims online and receiving payments through Direct Benefit Transfer (DBT) schemes, UAN activation and Aadhaar seeding are essential processes.

30 November is the last date

To ensure that all employees joining during the current financial year get the benefits under the ELI scheme, employers are being asked to complete all the processes by November 30, 2024. More information can be obtained from the concerned EPFO ​​office.

In a circular issued on November 22, the organisation said, “Since the benefits under the ELI scheme will be given to the eligible employees through DBT, employers are requested to ensure UAN activation and Aadhaar seeding in the bank account by November 30, 2024 in respect of all their employees joining in the current financial year.

The post EPFO: To take advantage of ELI scheme, do this work by 30 November – Details Here first appeared on Rightsofemployees.com.