Boosting Employment: ELI Scheme Set to Revolutionize Job Market

The government has launched the Employment Linked Incentive (ELI) scheme as part of the 2024-25 budget with an ambitious outlay of Rs one lakh crore. The initiative aims to foster job creation and ensure social security benefits, according to an announcement by the Employees' Provident Fund Organisation (EPFO) on Tuesday.

According to Randhir Kumar, Regional PF Commissioner-I, the scheme intends to incentivize the creation of 3.5 crore jobs over two years, starting from August 1, 2025, and extending through July 31, 2027. Notably, 1.92 crore of these positions are earmarked for first-time workforce entrants.

The program emphasizes the manufacturing sector, requiring establishments to register with the EPFO to benefit. First-time employees can receive up to Rs 15,000 annually, while employers could earn Rs 3,000 monthly for each new sustained job. For those in manufacturing, benefits will be extended by an additional two years.

(With inputs from agencies.)