DIMAPUR, DECEMBER 10 (MExN): The Employees' Provident Fund Organization (EPFO) recently convened a meeting with employers across Nagaland to discuss the Employment Linked Incentive (ELI) scheme. The meeting took place at Niathu Resort on December 9 and was led by Shishir Kant Jha, Additional Assistant Commissioner (Addl ACC) heading the Provident Fund (PF) department for the North East region, along with officers from all northeastern states.
The ELI scheme, first announced in the 2024 budget speech, is yet to be officially notified but is designed to create job opportunities and support both employers and employees. The scheme has three key components:
First-time employees will receive one month's wage as a direct benefit transfer to their bank accounts in three installments. The maximum cap is Rs 15,000 for employees earning up to `1 lakh per month.
Employers and employees in the manufacturing sector will be eligible for financial incentives based on their EPFO contributions during the first four years of employment.
Employers will be reimbursed up to Rs 3,000 per month for two years for every additional employee, corresponding to the employee’s EPFO contributions.
Moreover, as part of the ELI scheme, newly joined employees will also participate in financial literacy courses to ensure better financial understanding and preparedness.
To access the benefits under the scheme, all employees must activate their Universal Account Number (UAN) through the EPFO member portal, link their Aadhaar details, and update their bank information at the earliest.
The EPFO emphasized that the ELI scheme aims to boost employment rates by supporting employers who create new jobs while providing financial security to employees joining the workforce.
