CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Ministry of Labour and Employment is awaiting approval from the Union Cabinet for the Employment Linked Incentive (ELI) scheme, designed to boost job creation and enhance workforce employability.
Overview Of Scheme
The ELI scheme is part of the Prime Minister’s Package for Employment and Skilling, with a significant budget allocation of over Rupees 10,000 crore. The scheme aims to provide financial incentives to employees based on their registration with the Employees’ Provident Fund Organisation (EPFO), encouraging greater workforce participation.
Financial Provisions
Employees earning up to Rupees 1 lakh per month are eligible for financial incentives, which could amount to one month's wage, capped at Rupees 15,000. These payments will be made in three instalments. The scheme’s budget spans several financial years, with Rupees 22,333 crore allocated for FY 2024-25 through FY 2027-28 for the initial phase.
Key Components Of Scheme
The ELI scheme is divided into three distinct components:
Part A – Targets first-time employees, benefiting over 2.1 crore individuals.
Part B – Focuses on the manufacturing sector, covering approximately 30 lakh employees.
Part C – Offers incentives to employers for hiring new workers, including first-time job seekers and those returning to the workforce, assisting around 50 lakh employees.
Employers can receive up to Rupees 3,000 per month for two years for each additional employee hired. These funds are intended to help cover their EPFO contributions.
Implementation Status
Although the Ministry estimates that the expenditure for FY 2024-25 may fall short of the initial Rupees 10,000 crore due to the limited time frame for rollout, spending is expected to rise in the following financial years.
The EPFO has set up a Programme Management Unit to oversee the scheme’s execution. Additionally, the Ministry is in the process of developing an IT system to manage registrations, disburse incentives, and handle related functions. A grievance redressal mechanism will also be available to address issues raised by beneficiaries.
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