EPFO ELI Scheme: UAN Activation Deadline In Two Days, Check How To Activate
The deadline for Universal Account Number activation and Aadhar seeding in bank accounts has been extended to Dec. 15, 2024. The circular from the Employee Provident Fund Organisation stated that the date for the deadline given in an earlier circular will be moved from Nov. 30 to the upcoming date.
Why Activate UAN
Employees must activate their Universal Account Number and complete linking of Aadhaar with their bank account to avail benefits of the Employment Linked Incentive Scheme announced in Union Budget 2024-25. The Ministry of Labour and Employment has directed the Employees' Provident Fund Organisation to ensure activation of UAN using Aadhaar-based OTP.
The UAN activation and Aadhar seeding with bank accounts can be done after the member logs on to their portal. There will be an Aadhaar based OTP verification that can be done when the user selects 'Activate UAN' section under 'Member UAN/ Online Services'.
This will help employees manage their Provident Fund accounts. Also, employees can avail services like downloading the PF passbook and submitting online claims only after completing UAN activation and Aadhaar seeding with bank account.
Employers have been asked to complete the process of UAN activation through Aadhaar-based OTP for all employees who have joined in the current financial year.
Benefits Of ELI
As per the earlier circular, the UAN activation and the Aadhar seeding in the bank account must be done in order to benefit from the Employment Linked Incentive scheme. Every member of the EPFO has to have their Aadhar linked to their UAN. This procedure is to be done after logging into the Member Portal.
Linking the Aadhar and the UAN will then allow the employee to download PF passbooks, submit online withdrawal claims, update personal details, and track the status of withdrawals.
Further, for direct benefit transfer, members are also required to have their bank account seeded to the UAN, so that the transfers can be done directly to their bank account.
The extended deadline will now allow members to ensure that their accounts are linked and seeded to benefit from the ELI and DBT.
-
India's Troika Of Good Luck | Joining The Dots
A weaker Trump, a cooling AI trade and resilient earnings have put Indian markets back in favour. Rising inflation could spoil the party.
-
Talking Points This Week: Leadership Shock At Nvidia, Earnings Strength, And The Fog Over Hormuz
The Anthropic IPO pricing and first trading day, Nvidia's upcoming earnings, and any fresh signals from Iran will set the tone for the following week.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
