Latest News | ELI Scheme to Promote Job Creation, Social Security: Official
Get latest articles and stories on Latest News at LatestLY. The Employment Linked Incentive (ELI) announced in the budget for 2024-25 with an outlay of Rs one lakh crore, will promote job creation and provide social security, an official of Employees' Provident Fund Organisation (EPFO) said on Tuesday.
Kolkata, Jul 8 (PTI) The Employment Linked Incentive (ELI) announced in the budget for 2024-25 with an outlay of Rs one lakh crore, will promote job creation and provide social security, an official of Employees' Provident Fund Organisation (EPFO) said on Tuesday.
Regional PF Commissioner-I Randhir Kumar said that the scheme is aimed at incentivising creation of 3.5 crore jobs over a period of two years, that it will be effective from August 1, 2025, and to continue till July 31, 2027.
He said out of the total of 3.5 crore, 1.92 crore beneficiaries will be first-timers entering the workforce.
Kumar said the thrust of the scheme is on the manufacturing sector, adding that you get benefits under the scheme, the establishments need to be registered with the EPFO.
For first-time employees, the scheme provides for a maximum amount of Rs 15,000 per annum to be paid in two instalments.
The employers will also get incentives by getting an amount of Rs 3,000 per month for each additional and sustained employment generated, he said.
For the manufacturing sector, the benefits will be extended by two years, he said. PTI dc
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