EPFO Three Employment Linked Incentive Scheme 2024
The government is working to boost employment by increasing hiring opportunities. On Tuesday, Union Finance Minister Nirmala Sitharaman introduced the EPFO Three Employment Linked Incentive Scheme. This initiative is designed to benefit both companies and employees by encouraging enrollment in the Employees’ Provident Fund Organisation (EPFO). The scheme consists of three parts: Scheme A offers one month’s wage for new hires, Scheme B supports job creation in the manufacturing sector, and Scheme C provides assistance to businesses. For detailed information about the EPFO Three Employment Linked Incentive Scheme—including its highlights, objectives, types, eligibility criteria, required documents, and application steps—please read further below.
About EPFO Three Employment Linked Incentive Scheme 2024
The EPFO Three Employment Linked Incentive Schemes were introduced by the Indian government and announced by Finance Minister Nirmala Sitharaman as part of the 2024–25 union budget. This initiative aims to boost job opportunities within the manufacturing sector of the Indian economy. The Government of India has stated that these schemes will be based on the Employees’ Provident Fund Organisation (EPFO) model, focusing on recognizing new hires. To apply, all eligible candidates must visit the official website and complete the online application process after meeting the necessary requirements.
Employment Linked Incentive Scheme Details in Highlights
| Name | EPFO Three Employment Linked Incentive Scheme |
| Introduced by | Union Finance Minister Nirmala Sitharaman |
| State | Maharashtra |
| Objective | To increase hiring |
| Official website | Click Here |
EPFO Three Employment Linked Incentive Scheme Objective
The scheme is designed to support the career advancement of individuals starting their careers in the industrial sector. In the first phase of the EPFO Three Employment Linked Incentive Scheme, the Indian government will provide up to INR 15,000 to all new hires across various industries. In the second phase, the government will offer financial incentives to companies in the industrial sector to encourage them to hire more employees. The primary goal of the scheme is to create job opportunities and improve the living standards of unemployed individuals in India.
Types of EPFO Three Employment Linked Incentive Scheme
There are three types of EPFO Three Employment Linked Incentive Scheme
- Schemes A
- Scheme B
- Scheme C
EPFO Three Employment Linked Incentive Scheme A
Under this policy, first-time employees will receive a subsidy of up to INR 15,000, equivalent to one month’s salary, to help them adjust to the work environment and become fully productive. This subsidy is available to all new hires across various industries who earn less than ₹1 lakh per month. Finance Minister Nirmala Sitharaman announced that the subsidy will be paid to employees in three installments. To qualify for the second installment, employees must complete a mandatory online course in financial literacy. If an employee leaves within a year of being hired, the employer must repay the subsidy. The program will last for two years, and it is expected to benefit a total of 21 million young people, according to the Indian government.
Eligibility
- The candidate needs to be new to any official field.
- The employee’s pay cannot exceed one lakh Indian rupees.
- Both the employer and the worker need to have an EPFO registration.
EPFO Three Employment Linked Incentive Scheme B
This program targets both corporate and non-corporate employers with a three-year history of EPFO contributions, focusing on the significant hiring of first-time workers in the manufacturing sector. Employers are required to hire at least 50 new workers or 25% of the baseline number, whichever is higher, compared to those previously not enrolled in EPFO. The Indian government estimates that this initiative will benefit a total of 3 million people.
Eligibility
- The candidate needs to be working in the manufacturing industry
- The employee’s pay cannot exceed one lakh Indian rupees.
- Both the employee and the employer need to have an EPFO registration.
EPFO Three Employment Linked Incentive Scheme C
Employers who add two or more employees (for those with less than fifty employees) or five employees (for those with fifty or more employees) above the baseline and keep this level of staffing are benefited by this program. Employees whose monthly salary do not exceed Rs 1 lakh are eligible for the scheme. The government will repay EPFO employer contributions for the extra workers engaged the year before, up to a maximum of Rs 3,000 per month, for a period of two years. Scheme B covered employees are exempt from this.
Eligibility
- The employee’s pay cannot exceed one lakh Indian rupees.
- Both the employee and the employer need to have an EPFO registration.
Required Documents
Some of the important documents required for the scheme are as follows:
- Aadhar Card
- PAN Card
- Address Proof
- Electricity bill
- Email ID
- Mobile Number
Steps to Apply for EPFO Three Employment Linked Incentive Scheme 2024
To apply for EPFO Three Employment Linked Incentive Scheme, the user needs to follow the below-given steps:
- First of all, go to the official website of the Employees’ Provident Fund Organization, India i.e., https://www.epfindia.gov.in/
- The homepage of the website will open.
- Click on the option Apply link
- The application form will open
- Now, enter all the required details
- After that, upload all the required documents
- Then, click on the submit button to complete the application process
Contact
For further details or in case of any query or complaint related to the scheme , feel free to contact on the below-given details:
Employees Provident Fund Organization, (Ministry of Labor & Employment)
Plate A Ground Floor, Office Block-II, East Kidwai Nagar
New Delhi-110023
