Scribd Logo
Upload

Welcome to Scribd!

  • 14 views

    Elis Features

    Uploaded by

    Dr.SRINIVAS RAO PASUPULETI
    ELIS FEATURES

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Elis Features

    Uploaded by

    Dr.SRINIVAS RAO PASUPULETI
    14 views5 pages
    ELIS FEATURES

    Original Title

    ELIS FEATURES

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    ELIS FEATURES

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    14 views5 pages

    Elis Features

    Uploaded by

    Dr.SRINIVAS RAO PASUPULETI
    ELIS FEATURES

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 5

    Employment Linked Incentive Scheme (ELIS)

    Central Government launched the following three new Schemes


    in Union Budget, 2024 with an objective to promote job
    creation, support to employers and employees:-
    1. Scheme A: First Timers
    2. Scheme B: Job Creation in Manufacturing
    3. Scheme C: Support to Employers
    Scheme A: First Timers
     All first-time employees with wages upto ₹ 1 Lakh p.m. are eligible.
     Subsidy of upto ₹15,000/- will paid in 03 instalments.
     The employee must undergo compulsory online Financial Literacy
    Course before claiming the second instalment.
     Subsidy to be refunded by the Employer, if the employment ends
    within 01 year.
     The Scheme is for a period of 02 years and expected to benefit upto
    2.10 crore youths.
    Scheme B: Job Creation in Manufacturing
     Employers of corporate entities and non-corporate entities with contribution to EPFO for 03 years in the
    Manufacturing Sector are eligible for this scheme.
     Employers must hire at least 50 previously non-EPFO enrolled workers or 25% of the baseline (previous
    year’s number of EPFO employees), whichever is lower.
     Incentive will be provided to both employees and employers (shared equally) for 04 years as follows:-

    Incentive (as % of wage / salary, shared equally


    Year
    between employer & employee)
    1 24
    2 24
    3 16
    4 8

     Subsidy to be refunded by the Employer, if the employment ends within 01 year.


     This subsidy is in addition to the benefits provided under Scheme A.
     The scheme is for a period of 02 years and expected to benefit upto 30 lakh youths.
    Scheme C: Support to Employers
     This Scheme will cover additional employment in all sectors.
     Eligibility of the Scheme:-
    o For employees whose salary does not exceed ₹1 Lakh p.m.
    o Increase employment by at least two employees (for those with less than 50
    employees)
    o Increase employment by at least 5 employees (for those with 50 or more employees)
    and sustain the higher level.
    o New employees under this Part need not be new entrants to EPFO.
     Subsidy upto ₹3,000 p.m. for 2 years will be reimbursed to Employers by the Govt.
     This subsidy is in addition to the benefits provided under Scheme A, but not applicable
    for those who are covered under Scheme B.
     The scheme is for a period of 02 years and is expected to benefit upto 50 lakh people.
    ELI SCHEMES : AT A GLANCE
    Scheme A Scheme B Scheme C
     Manufacturing Corporate Entities • Net Increase in Employment

     Manufacturing Non-corporate with 03 years • Minimum 02 employees if base is <


    Eligible Establishment All contribution in EPFO 50 employees

     Must hire 50 or 25 % of previous year EPF • Minimum 05 employees if base is >=


    employee whichever lower 50 employees
    All new joinees in an establishment ie
    First Time EPFO subscribers with First Time EPFO subscribers with wage less than
    Eligible Employees both First Time and Re-Joinees with
    wage less than 01 Lakh 01 Lakh
    wage less than 01 lakh

    Conditions for Benefits Atleast 12 month retention Atleast 12 month retention


    Expected beneficiaries 210 lakh employees 30 lakh employees 50 lakh employees

    Payable to Employee 50% each to Employee and Employer Employer

    Enrolment Duration 02 years 02 years 02 years


    • Employer PF Contribution upto
    Benefits upto wages =<25000 towards EPF 3000/month for 02 years
    First Year : 24 %; (12% + 12%)
    Benefits One Month Wage <= 15000 Second Year : 24 % (12% + 12%) • If employer creates more than 1000
    Third Year :16 % (8% + 8%) Jobs : Reimbursement Quarterly and
    rd
    Fourth Year : 8 % (4% + 4%) subsidy will continue for 03 and
    th
    04 year as per Scheme B
    Benefits Period 03 years 06 years 04 years (6 years for +1000 jobs)

    You might also like