Provident Fund (PF) – New Employment Linked Incentive (ELI) Scheme: A Big Boost for Job Creation & Formal Employment
In a major push towards boosting employment and securing the future of India’s youth, the Union Cabinet has approved the Employment Linked Incentive (ELI) Scheme. With a total outlay of ₹99,446 Crore, the ELI Scheme is designed to generate over 3.5 Crore jobs over the next two years. This initiative is part of a broader ₹2 Lakh Crore package announced in Budget 2024–25, aiming to empower 4.1 Crore youth through employment, skill development, and economic opportunity. Key Highlights of the ELI Scheme 🧑💼 Part A: Incentive to First-Time Employees Designed to support 1.92 Crore first-time employees , Part A focuses on youth entering the workforce for the first time and encourages long-term savings and financial discipline . 🎯 Eligibility : First-time EPFO-registered employees with a monthly salary up to ₹1,00,000 & Must be hired between 1st August 2025 and 31st July 2027 💰 Incentive : One-month EPF wage up to ₹15,000 paid in two instalments : 1st Instalment : After 6 m...