The Employee Provident Fund Organisation (EPFO) has extended the deadline to January 15, 2024, for UAN activation and seeding of your bank account with Aadhaar for availing of the benefits under the Employment Linked Incentive (ELI) Scheme.
While the original deadline was November 30, 2024, it was subsequently extended to December 15, 2024, and now the deadline has been extended again, reports The Economic Times.
Activation of Universal Account Number (UAN) and seeding of an Aadhaar to a bank account is a must for employees who wish to claim the monetary benefits of the Employment Linked Incentive (ELI) scheme, which is administered through EPFO.
This mandatory exercise needs to be completed, if you want to get the benefits of the ELI scheme. Finance Minister Nirmala Sitharaman announced this new scheme during the Union Budget 2024 in July and there are three types of ELI schemes (A, B, and C). “Please see the circulars cited. In this connection, the competent authority has granted an extension of timeline from 15.12.2024 to 15.01.2025 for UAN activation and Aadhaar seeding in bank account of all the employees,” said EPFO in a circular dated December 20, 2024.
Why do you need to link Aadhaar with a bank account to get ELI benefits?
The ELI money is to be credited using the direct benefit transfer mode (DBT) hence the reason why Aadhaar needs to be linked with the bank account.
The Ministry of Labour and Employment said in a dated November 22, 2024, “Since the benefits under the Employment-Linked Incentive (ELI) scheme, will be disbursed through Direct Benefit Transfer (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 Ministry earlier stated: “Every subscriber of EPFO is required to have an Aadhaar-linked Universal Account Number (UAN), which needs to be activated by creating a login on the Member Portal, for availing a number of facilities through a single window. Such facilities include the ability to view and download PF passbooks; submit online claims for withdrawals, advances, or transfers; update personal details and track the status of claims in real-time. The activation process is straightforward and can be completed using an Aadhaar-based OTP.”