Hurry: February 15 is the Last Day to Activate UAN

The Employees’ Provident Fund Organisation (EPFO) has extended the deadline for Universal Account Number (UAN) activation and linking bank accounts with Aadhaar to February 15. This step is crucial for employees to avail of benefits under the EPFO’s Employment Linked Incentive (ELI) Scheme.

What is the ELI Scheme?

Introduced in the Union Budget for 2023-24, the ELI scheme aims to generate over 20 million jobs within two years by promoting formal-sector employment.

The scheme consists of 3 components:

• Scheme A: This provides a one-month wage as a direct benefit transfer to individuals joining the formal workforce for the first time. The benefit, given in three instalments, applies to first-time EPFO members, with a maximum limit of ₹15,000. The employee’s monthly salary must not exceed ₹1 lakh to be eligible.
• Scheme B: Aimed at manufacturing employers with a history of three years of EPFO contributions. Employers must hire at least 50 new employees or 25% of their workforce. The incentives are disbursed over four years: 24% of wages for the first two years, 16% in the third year, and 8% in the fourth year. Employees must earn up to ₹1 lakh per month.
• Scheme C: This program supports employers in all sectors to create new employment opportunities. It covers new hires with a monthly salary up to ₹1 lakh. Employers can receive up to ₹3,000 per month for each additional employee for 2 years, to help with their EPFO contributions.

How to Activate UAN Online?

Follow these steps to activate your UAN through the EPFO portal:

1. Visit the EPFO Portal: Go to the official EPFO/UAN Member Portal.
2. Click ‘Activate UAN’: Find this option in the ‘Important Links’ section.
3. Provide Details: Enter your UAN, Aadhaar number, name, date of birth, mobile number, and captcha code.
4. Authorisation PIN: Tick the consent box and click ‘Get Authorisation PIN’.
5. Verify Details: Review the displayed information to ensure accuracy.
6. OTP Verification: Tick the ‘I Agree’ checkbox and enter the OTP sent to your registered mobile number.
7. Activation Confirmation: After OTP validation, your UAN will be activated, and a password will be sent to your registered mobile number for future logins.

Conclusion

The extension of the UAN activation and Aadhaar linking deadline to February 15 highlights the importance of these steps in accessing the EPFO’s online services and benefiting from the Employment Linked Incentive (ELI) Scheme. By activating UAN and linking it with Aadhaar, employees can ensure seamless management of their Provident Fund accounts and avail themselves of various benefits, including direct benefit transfers.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.