Early Times Report
JAMMU, July 14: The Employees' Provident Fund Organization (EPFO), Regional Office Jammu, organized a seminar on the Employment Linked Incentive (ELI) Scheme at Radisson Blu Hotel. The seminar aimed to create awareness about the ELI Scheme among establishments and provide a platform for them to understand its benefits, features, and implementation.
About ELI Scheme:
The ELI Scheme is a significant initiative aimed at supporting employment generation, enhancing employability, and promoting social security across all sectors, with a special focus on the manufacturing sector.
Employee Benefits:
First-Time Employee Incentive: First-time employees in the formal sector with a monthly salary up to ?1 lakh can receive a one-time wage subsidy of up to ?15,000, disbursed in two installments after 6 and 12 months of continuous employment.
Financial Literacy and Savings: A portion of the incentive will be saved in a deposit instrument, promoting savings habits among employees.
Social Security Benefits: Employees will have access to pension benefits, insurance, and retirement savings through EPFO registration.
Employer Benefits:
Monthly Incentives: Employers can receive incentives ranging from ?1,000 to ?3,000 per month per new employee, depending on the salary slab.
Extended Incentives for Manufacturing Sector: Employers in the manufacturing sector can receive incentives for up to 4 years, while other sectors are eligible for 2 years.
PAN-Linked Account Payments: Incentives will be credited directly into the employer's PAN-linked business account
Key Highlights:
The seminar featured a comprehensive presentation by Account Officers, Balkrishan and Aman Dandhi, covering key aspects of the ELI Scheme, including:
- Overview of the ELI Scheme and its objectives
- Benefits and features of the scheme
- Implementation and operational aspects
- Role of establishments in promoting employment generation and social security
Approximately 1.92 crore individuals entering the formal workforce for the first time are expected to benefit from the scheme. The scheme aims to generate over 3.5 crore new jobs across India within two years, with a special focus on the manufacturing sector
Response and Feedback:
The seminar received an overwhelming response from approximately 40-50 participants, who appreciated the efforts of EPFO in organizing the seminar. The feedback was highly positive, with participants expressing gratitude for the valuable information and insights provided.
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